And dont underestimate the cost of repainting, finding tenants, tenants not paying, insurance, pest control, and a big one.....property taxes that go way way up each year.My guess from the numbers you provided, is that you would be feeding the beast a few hundred dollars a month. 

All of the Plumbing lines were busted and needed to be replaced, tuckpointing was needed, an entire interior repaint was needed as well.

Seriously,you need to find a local contractor or building inspector to show you all of the actual problems that need repairs.If the plumbing and electrical haven't been upgraded in 100 years,change it all out immediately before they fail in the middle of winter.Make sure your HVAC is excellent as well.That roof probably needs tending to as well.Then you need repainting,spray foam insulation,flooring,etc.What fixtures is your competition for renters using in their homes?

Would you fix up some drywall, maybe replace a corner of carpet or a few floor tiles and repaint, etc. or would you go above and beyond and go as far as replacing the existing appliances and washer/dryer too?

You'll have drywall cracks, so you should factor in drywall repairs and repainting. $$$4.

In general, I usually focus on paint (if not repainting make sure current paint is clean without the “dengy” look), flooring (clean and simple) I usually do the lowest cost engineered hardwood from Home Depot clearance that looks the best since it’s durable, easy to install and adds value, I look to paint kitchen cabinets that are real wood as that is the easiest way to make them like new when updating and saves a ton of money, and I look to update bathroom fixtures, kitchen fixtures and door handles!

I have two old vehicles in my garage which I am contemplating repainting for "company" vehicles: a 1965 Greenbrier rampside truck and a 1966 VW Type-2 Transporter (Kombi w/ seats removed and converted to electric).

Given the estimates I've received, and the frequency of repainting required, I'm tempted to have the wood siding removed and have the house sided with vinyl.

If and when you do this the interior cracks can be repaired and repainted afterwords.

So it wasn't like they were patching major holes and had to repaint because of that.