I've already renovated one of the bathrooms, and I’m planning to paint the interior, update the kitchen cabinets, possibly sand the wood floors, build a fence is a corner lot and increase the rent for the room since my tenant is currently renting the entire 3-bedroom, 2-bathroom house for $800 a month.

Put language in your lease about use of the screen for all fires.I always made it the tenant's responsibility to have the chimney cleaned at least once per year for the built in fireplaces and twice per year for the store bought types as they have smaller chimney piping.  

Not to mention that night I slept on the floor of that flip house, I could see all the work that wasnt done, wasnt done to code, and was done poorly.  

Or should I just have them install another meter for the third floor to avoid any potential issues going forward. 

The bottom floor is not tall enough.  

More like  2X to 5X the cash out.. these are done with builder developers on their deals So put out 300k get 300k back in profit plus the interest rate. most small builders/ developers need to have a equity partner so you just do both you lend the money and are the equity partner.. pretty clean..

Build a local team for cleaning and repairs to streamline operations.

We still need to calculate appliances, flooring, windows, HVAC, fixtures....My point is that we need to be putting away money to keep our properties in max market rent rate condition.

Faux wood floors, new blinds.

Offer to give them their full deposit in cash on move-out day, if they leave the place clean and empty, etc.