Everything mentioned plus lead paint and asbestos.  

Roof is original (Shingle) $4k is as I expect to have to put in about $1k each unit in some shape as carpet, paint etc? 

If this is your first build, you need to think about level of finish on the Sheetrock, paint, lights, floors, underlayment, etc.

Then insulation, then drywall, then paint primer, then flooring, then cabinetry and interior doors, then base and case, then the balance of the finish work.

I can paint a house and install tile (started as a Handy Man 20+yrs ago) but I still hire that out, and pay well for it.

This article may help paint a better picture. http://renolandinc.com/reno-construction-update-ne...There is a lot of construction happening such as renovations to major roadways, including a north to south connector that recently opened and revitalization of downtown areas in both Reno and Sparks.

Current Situation: I purchased my first duplex back in June and have lived in it the last several months while I am giving the place a complete update (new flooring, paint, windows.. etc.).

If not, you can rent it at market rate to the next person that has been screened and meets your standard.I also wouldn't offer new flooring and paint for a tenant that is so far below market.

@Douglas SpenceYes and many other inspection items such as cracked window pane, paint the outside, changing a perfectly fine toilet supply line, changing a perfectly fine p-trap, trimming trees, etc.

Besides lost rent, you got to re-paint, re-carpet sometimes, and major fix-up if the tenant is a slob.