Now one of the tenants is leaving and left cigarette burn holes all over the floor and the walls are absolutely coated in tar/nicotine.

I make a plastic tray out of that thicker clear non-adhesive shelf liner to protect the cabinet from leaks.  

Takes one coat with a good quality paint!

Hi Jennifer, you might try skim coating it.  

I must say it looks much better with a fresh coat of paint.

@Jeremy Gengenbach The cheaper option would be a fresh coat of paint.

That and a fresh coat of paint can change a house from a crappy outdated house into a modern home.

Guess It can be rented from HD.What if you just pour a coat of concrete on top of the sunken slab to bring it to level.

Apply (2) coats of semi-gloss latex paint.

If newbies like myself actually pay attention to everything being taught here on the forums, the podcast and the books, you'll see they don't sugar coat the fact that in order to be successful in real estate you need savings.