For people that ask for it, I have them sign an agreement that basically says they understand that the preapproval is only as good as that snapshot in time that I took, and any deviation will void the preapproval, so they promise to update me about any changes to their credit/income/asset situation allowing me to re-work numbers and re-preapprove, and then I remove the expiration date language from the preapproval letter. 

Get all your numbers and rework the calculations with a fine point pencil.

Trim: install new window stools and aprons, new interior and exterior doors, baseboards,closet shelving, casings on wall openings at pass-throughs, new door for rear left bedroom,new door for master bath, new door for master closet, replace damaged or missing doors.Repair and rework existing kitchen cabinets.Build new cabinetsFlooring: install new laminate flooring in all living areas and halls.

I think it would be easier to have the HOA give you some slack than try and re-work a deal with the bank seeing as it took 5 months.

Either way you need to find a way to manage some of the RE work while at work.

Needs total rework of plumbing and electrical unless there's doc to prove it was redone in the modern era. 

Make sure you aren't over upgrading and if you're planning on reworking the floorplan a little, it might give you more rent but obviously cosmetic refinements take a beating with most tenants.  

Re-work the mortgage calculator to a number you are more comfortable with and make an offer lower than the 110K.I will not advise either way because this is your deal and you need to be comfortable.

After reworking it and reworking I would have to second your assessments.

You still need to re-work the shingles on the end of the house to properly cover the new overhang.I see this done the majority of the time when someone shingles one of those old post War houses w/o gable eaves.