I’m part of a real estate company specializing in cosmetic fix-and-flip projects, and we’re focusing on the San Antonio and Austin markets.

Then an appraisal works to my benefit and the quality of the property would be very close (as I said the property I purchased had relatively cosmetic renovations such as painted cabinets).

Something that requires heavier rehab, or just cosmetic?

Make cosmetic updates if needed, offer free months rent on a longer lease, make sure your units have qualities like laundry and AC. 

Start small with cosmetic rehabs, assemble a reliable team, and have a clear exit strategy.

Everything else is just normal cosmetic, interior finishing. 

Poor first impression of landlord, kills me to replace a perfectly working (newer) fridge over cosmetics. 

If you put in an offer at 85% of list price on every decent home on mls in your targeted area, you're going to get a house or two that should only need cosmetic rehab - which you could control the costs better.  

Are the rest of the repairs cosmetic or structural? 

So it's just the cosmetics and appreciation.