@John BertolonIf your goal is to have tenants move out so you can do renovations I'd hold off on doing upgrades unless they lead to higher rents.However, if you want to keep the tenants and the repairs are inexpensive and beneficial long-term, it’s worth doing because vacancies will cost you more.Replacing items like appliances can be costly, so if they're working well, I wouldn't address those kinds of requests.

Labour is inexpensive but what may take 6weeks in North America, will take 10 weeks in the Caribbean. 

You also have $30k in unreimbursed expenses.If you are smart, you pay off the HELOC and reimburse $25k in expenses.

Secondly, they are high touch rooms meaning they receive a lot of use and buying inexpensive materials will breakdown quicker. 

In "Expenses" you've missed vacancy and management.

We have replaced 7 AC units in the past 2 months in our portfolio - which is really extreme... but it's $35,000 in expenses we had to incur... so it deserves consideration regardless of what scale  you are at.You might think - well I can just refi it when rates come down.  

My investing strategy has done a 180 turn (no more inexpensive Class C properties) and to buy a property in an area with good schools and low crime, regardless of state.

we would be down to about $ 2600 in expenses. 

The bad news is that there is no part of the game that's inexpensive, and much of it involves fair chunks of time for approvals. 

They make the lame excuse that managing the tenants properly will result in expensive vacancy costs.