There's no water damage we know of other than a bit of cracked tile and the need for some patching.

This does not appear to be an issue for the tenants or the property maintenance (ie, no calls about tiles, soft floors, rot, etc).  

If you were going to ballpark and complete gut and builder quality finishings( luxury laminate, non tile bath etc), what would it be for a 1600 sq ft 2 story colonial? 

There is a reason I don’t invest in CA at all…Regarding AB 968, as you implied with the beginning of your comment, this should provide protection to end buyers, or at least provide them easy resources and contacts to reduce potential ownership headaches (example: “hey I accidentally broke a bathroom tile, can you just tell me where it was ordered from so I can go get another one?”).

I just sold a spec, I built a house for my self last year and finished a spec this year, I bough the lots at tax sale, and I was the GC, HVAC, Tile, Flooring, Cabinet, Painter, and Misc. guy, made a nice profit, but the crappy part is taxes, its like a flip, short term gains. good luck!

You can see this all the time on trucks: 'ABC Plumbing - Specializing in remodels, baths, kitchens, tile, etc'What this means is that they are really not good at anything and desperate to take on any job just to make a few bucks.

We’ve noticed water seeping issues through the shower tiles, causing damage to the sheetrock in our only bathroom on main floor.

The scope of repairs include: complete renovation of master bathroom, kitchen, and guest bathroom.I spent about $1,700 on materials for the master bathroom (vanity, lighting, tile, grout, 2 medicine cabinets, cement, drywall, etc.).

I can't speak for contractors, but as a DIYer, I know even the most basic kitchen renovation may end up costing me 10k if I were to do it myself. 2-3k for cabinets. 1k for plumbing and fixtures1k for electrical and fixtures2-3k for granite countertops1k for tiling/flooring1k for miscellaneous like painting, etc. 

I know a tile guy in our local neighborhood that seems great, i just havent used him.