This included things like installing transition pieces in the doorway between laminate and wood flooring "because the change in surface texture was a tripping hazard", replacing a concrete slab in the drive (Which the tenants do not use) because there were cracks, scraping and repainting minor cracked/peeling paint in the halls "because it was a health hazard", installing GFI outlets which the other landlord had never been cited for, and a number of other things that clearly had not just developed since the previous inspection.

I think our revised plan is to paint, remove the scalloped trim, look into adding a shelf for the microwave, replace the hardware, and put in new vinyl floor (the old was peeling and lifting).

I know I would have to keep my eyes peeled for the best deals around to strike a deal like that consistently every year though.

I want to write you a longer reply and will as soon as I get a moment but you are correct in the terminology being wrong and i also have a reason why the numbers are off...I did some quick edits on a 'real' example to mask a real deal that I have not yet closed on.

I just have to keep my eyes peeled.

(Typically in the basement)Chipped or Peeling paintIf you have an HVAC system, exhaust must be properly installed (No spaces or Cracks)Smoke/Carbon Monoxide detector must be within 10ft of bedrooms, stove, and FurnaceNo sharp objects, including on the exterior of the propertyAny area that the tenant does not have access to must be sealed or locked (Crawl Space, etc.)  

They were not even wearing masks [no, I could not identify any of them] I thought they were going to kill us.

Wear a mask and cover your hair as pieces do fly.

I have seen flooring peel up by a cabinet if water gets in there, but that won't happen if the tile goes under the cabinet.The advantages of cabinets first are less tile used and would be easier to replace a tile.

Also remember, FHA won't allow peeling paint, leaky roof, broken windows etc. so you'll have to get a good deal or a house that's been maintained but hasn't been updated.