If the home is 100 yrs old, I'm assuming it's a definite gut which is going to require new plumbing, electrical, heating, cosmetics.I spent about $140K reno on my multi family in the heights on NY ave and there were massive problems with it but it was a gut to 3 units & adding 2 bathrooms, 3 brand new kitchens 4 bathroom reno in total, all new flooring, sheetrock , insulation, framing, doors, electrical, plumbing, paint, parts of roof etc.

Insurance is expensive, there is a lot of extra maintenance like painting or electric in common areas that don't apply as much with smaller units. 

new hvac new roof paint of any good quality in an out.. doors  gutters..

We fixed everything in the first 3-5 weeks, plus paint, carpet, landscaping, then rented it out.

What's the life expectancy of the roof, paint, furnaces, water heaters, etc.?

Better hope paint,carpet,advertising, commissions, and utilities don’t cost $600 or you blew your cash flow, it’s zero.

These minor tweaks won’t cost you much, and I’ve seen them help properties in Phoenix and Chicago stand out, even when the paint is a tad faded.So what’s your take - do you think guests these days actually prefer a hint of authenticity over a picture-perfect exterior?

I've already renovated one of the bathrooms, and I’m planning to paint the interior, update the kitchen cabinets, possibly sand the wood floors, build a fence is a corner lot and increase the rent for the room since my tenant is currently renting the entire 3-bedroom, 2-bathroom house for $800 a month.

I think the dogmatic view may be the source of resistance--that because it happened in Sep/Oct, therefore it'll happen again.

We just discovered a crack in the concrete slab foundation that is a borderline major problem:- It is a vertical crack about 1/8 inch wide that is at least 9ft long, which is causing a 3/4 inch drop in the flooring and some evidence of old (luckily) limited moisture and termite intrusion. - BUT, it also appears old and probably a symptom of the original house settling.