The concept of having a neutral third party looking after a property is interesting but not sure how you would go about monitoring a property manager and a tenant? 

I think you have to put the look together before making judgments.JUST going solely on the cabinets, I would say white, because it is the most neutral, and goes with everything. 

I'm kinda into a neutrals phase with taupe or burgundy accent.

I will say though always keep in mind resale whether it is a rental, flip, or permanent residence.I would keep the stain pattern a little subdued and neutral in color, this will appeal to many more people.I didn't realize paneling was back in, even if it is I would apply what I said to this as well.

However, we have purchased cash neutral when we had confidence of the value add and confidence of continued appreciation. 

I'll tell them that they can paint the walls as long as it is returned to a neutral color of my choosing upon them moving out (at their expense).

Sherwin Williams Harmony is a paint that actually absorbs and then neutralizes formaldehyde off-gassing.

In general, it looks like the place would be cash flow neutral before considering any tax breaks, and rent durability may be affected in the future.

I would think this would at least make the property neutral or start to cash flow. 

Your neutral to positive cash flow is now negative cash flow.