For you 1st property, probably a good idea to start with something that's more turnkey / light cosmetic work needed before diving into full renovations.

So this bank did the final part of their underwriting 2.5 months into the process while my 2nd lender (the one that I finally went with) was able to give me the green-light after only 2 weeks...

That extra cash flow isnt safety, its the market signaling with a big red flashing light, Risk.

But, countless times I have been at the register (usually pro desk [which has limited hours anyway] at home depot) and the customer not answer their phone for 30 minutes.

Leaving the front porch light un-caulked was one they loved to 'gotcha' on..... 

However, the risk of significant repairs is not to be taken lightly. 

I do not individually allocate for the small items but the maintenance/cap ex worksheet contained the reasonable costly stuff like you mentioned then had an entry for all of the small items (bathroom lights in some of my locations do not last 10 years). 

I've seen rental units get leased with iPhone photos that have good lighting. 

Grocapitus is great with marketing light on details. 

Add outdoor security cameras (just let guests know they’re there) and maybe some motion-sensor lights for extra safety.