One of them is 12 years old now and only has had a few rooms painted, walls cleaned, and minor touchups.

I would expect a rental property to require repainting after a 5+ year tenant, touch up for anything less than that.

Walls need touch ups and two bathroom cabinets are de-laminating (excess water dripping and not cleaning).

Changing out various things like outlet covers, touch up paint etc.Location USA,Maryland

So you basically can see all the touch ups that would be done to it.

I'm thinking maybe it accounts for random minor things like changing locks, paint touchups, I don't know what else.

You can do minor touchups yourself.

Imperfections caused by normal residential use-scratches, small blemishes, small chips, etc.Spot painting, excessive patching or mis-matched paint resulting from poor touch up painting, unapproved painting of any kind done by resident.

We had the company that finished our floors originally come back to give quotes for spot touch up and full refinish. 

Only use extra light Spackle and just put a small dab on your finger and then poke it in the hole... works great. then after the tenant leaves we always run through and touch up paint...