From there mechanical and large items are my first priority (water heater, HVAC, roof) - though an inspection gives us more information and those items can be used as great negotiation tools during your due diligence period. 

Its the  item that trips up most investors in Philadelphia.

I will usually ask them questions about the items on their report and make a decision depending on the level or responsibility they show.

NOI is the line item left when ordinary expenses are taken out of income.

Additionally, what do you look for in a property to increase the value i.e. what are typical items to target?

A basic rule I tell Colorado STR buyers is that you can go cheaper on lesser used items but not the big stuff. 

There are other items being assessed such as signage and other specific house requirements, basically really assess the county as legislation is increasing. 

https://getpocket.com/explore/item/meet-the-woman-who-builds...Fun article about the woman who created a few interesting STRs including the Potato and the Hobbit Hole.

I would make all of the improvements that are going to make your job as a rental manager easier (sounds like you have some long term maintenance items to take care of).

Or the listing agent.If you have a provision on assigning leases to the buyer and transferring security deposits in the Offer To Purchase (in Wisconsin that's part of the standard form) the title company will put the SD as a line item on the closing statement.