I will continue to use this provision in leases, but intend to tighten up language to emphasize that all repairs must be identified timely and must be authorized by landlord/PM.

I also graduated from college with honors in business that emphasized real estate. 

My college degree was in business and emphasized real estate. 

In 1980 I graduated college with honors with a business degree that emphasized real estate.The first thing I would say about your questions is to not depend on any book on construction costs. 

Have your realtor send a very stern, but polite, letter to the other agent emphasizing this and you should be ok.

I'll make sure my realtor emphasizes my ability to close quickly, though.

Today, those Studios rent for $1,900 each.So each apts moved from $500 to $1,900 in 17 years for a increase in rent of $1,400.If you bought a cash flow property outside NYC that was cash flowing $500 per month, but only doubled in the 17 years to $1k per month, you would still be short $400 per month because your rent increased $1,400 versus your outside cash flow property which only increased $1k.I can't emphasize that if you instead bought our place to live here rather than rent, you should think of it as hey, I'm actually doing better than the above scenario of buying outside cash flowing properties!

Did you review that terms of the agreement with the tenant and emphasize key points?

Just to emphasize @Gino Barbaro .

I’ve sold listings this way before and most other brokers emphasize marketing to buyers(which is still very important) Be honest and tell them you probably won’t be the agent bringing a buyer.