At closing, the exterior of the building had been repainted, 3 of the 4 empty suites had been completely renovated, the roof has been repaired (by a new commercial roofing tenant who traded repairs for a month's free rent) and the building was now 100% occupied and cash flowing $5250/month.

This is a metal building withsome rust spots, in need of a repaint, falling fences, etc.

Drywall work, full prime & re-paint, and a hundred misc items?

I re-painted the main house, added sound proofing to the drywall, refinished the bathrooms, added new light fixtures, and just finished converting the 2 car garage into its own unit, one of the bathrooms is downstairs near the garage door, so instead of adding a bathroom in the converted garage, I simply gave them that bathroom (cut down significantly in costs as well).

If a potential tenant doesn’t agree with that policy They can go rent off the neighbors and let mr. whiskers spray urine on his carpet . in lower income areas the tenants can barely clean up after themselves much less a dog or cat . a pet deposit of a couple hundred bucks isn’t going to be of much good if you gotta tear out carpet , laminate floors ,replace sub flooring and repaint the drywall in heavy primer renting ozone machine after they leave to get the stink out .

I hadn't lined everything up so I estimated some costs including repainting and replacing the carpet.

The only risk I can see is the wear and tear on the property while they are in it, but I'm planning to repaint + replace floors anyway. 

There were all sorts of issues on that property, I don't think the units had been repainted for 40 years, but the tenants paid like clockwork.I'm sure they let that thing go for a song.

We repainted the whole house and refinished the floors to get rid of the lingering smell of cigarette smoke (and to cover/repair marks and gauges on the walls and floors).  

They repainted the buildings to modern colors, re-roofed them, did a lot of work with the utility meters and moved them into these bump-outs attached to the buildings (rather than stuck to the side like an eyesore) and patched up/repainted the parking lot.