I already walked through the property and the only thing I could see is that it definitely needs a new roof, and it has water stains on the ceilings, so I am going to estimate for cosmetics and other repairs around $32,000 max for the interior and exterior updates.

Their flat rate monthly service covers all materials and labor, wear and tear, tenant turnovers, repairs and replacement, preventative and comprehensive maintenance and home improvements,  Unlike home warranties, they don't charge any deductibles for repairs.Maintenance requests are reported by the tenant using their mobile video app or detected by IoT sensors from connected devices, and sent to the landlord or property manager for approval.

This is similar to hotel occupancy and will prevent having to sue for eviction in the case of a lease.

This prevents hugely inflated prices for a finished basement (we all know a finished basement doesn't add THAT much value). 

If the stairs are now stained I would leave it that way and only touch up what is already paintedI don't see any reason to do anywhere near a 10K make over.

If it's really being damaged by the property next door, they (likely) have a legal obligation to prevent damage to  your property, much the same way you can't change the grading and cause flooding on your neighbor's property. 

I don't do all of it - I've paid for new windows to be installed, and new gas space heaters, but SO much stuff you can find out how to do on YouTube and just gives you more knowledge overall to prevent contractors from dicking you around too!

Will the FHA loan prevent you from doing a brrrr?

If you have an upset tenant then you have two problems to deal with where as if you practice preventive maintenance you only have your serviceman to deal with. 

Protests prevented it from ever being turned on.