Today I spent a few hours removing nails from hardwood flooring that we will be restoring in the living room and hallway of our investment property.  

An extremely nice house may require hardwood floors or Italian marble. 

AS you know I have seen my fair share.. some of my guys do full gut jobs new wire new plumbing brand new HVAC and Water heaters windows roofs ,  new sheet rock all new kitchens bathrooms the only thing usually original is the flooring if its nice hardwood... e.. those are full rehabs in my mind and generally are 40 to 60k per unit to do. ... then you have other that take existing homes and do what I would consider industry standard ( if you can call this an industry that has standards) rehab...

I am wondering more about the generic characteristics of rental properties (i.e. location or square footage) as opposed to the individual features of a specific property (i.e. new kitchen, hardwood floors, etc). 

There is awesome crown molding made out of real hardwood, leaded glass in the built-in buffet, and other details like those that you just can't find in today's houses.

Nice renovation brought it current with rental-quality hardwood floors, updated fixtures, decent kitchen, and updated electrical.

Most have real hard wood floors under the carpet, too.Edit: One other thing about Parma I like:  Even though they have a City Point-Of-Sale inspection, it's pretty much a drive-by exterior one, which means in my experience its things like cracked up driveways, or siding that is in need of repair. 

Also, the floor has hardwood, do you think putting tile over those or refinishing with the rest of the main level is the best direction to go?

Don't know how long it's been there but we want to get it out of there before it hits the floor joists and subflooring of the 1st floor (including the nice hardwood floors in the living room and dining room).Our only idea is to get a couple of submersible pumps and pump it out into the street sewer. 

Hard woods is the best choice, but it also costs more upfront.