Foundation, plumbing, and electric are in good condition, I've replaced the roof, repainted, installed laminate, and done other minor repairs around the property. 

You can repaint a wall, but you can't fix an alcoholic tenant with a volatile temper and a habit of putting his fist through walls.

Repainting the laundry rooms, installing commercial quality scissor gates to secure the alcoves (tenants were complaining that the other tenants were stealing their detergent, etc.), and installing the coin-ops was the first capital improvement that we made.   

But if it's not that bad, you may be able to get it out with a deep clean and repaint.

In my experience, I've had only 7 failed tests (out of several hundreds). 5 of them are due to unclean area and 1 had to repainted. 

Rehabs typically included new paint, new flooring, repair rotted bathroom subfloors, new toilet, new tub/shower surrounds, new appliances where needed and repainting kitchen cabinets when needed (some of our units had newer cabinets) and new window coverings.   

I just repainted the interior, new carpet, new mini-blinds, detailed cleaning, and I don't want to have to redo this in 1 year.Thanks again for insight.

For the first two loans they didn't require any property inspections since they were minor cosmetic fixes like landscaping, repainting soffit/fascia, etc.  

We're considering doing a little work on it before anything... finishing the basement (currently half-finished), repainting bathrooms, living room, kitchen and bathroom cabinets.

If it was me, I would look at actual expenditures, but add-back anything that is non-recurring/extra-ordinary (roofs, parking lots, repainting exterior, etc).