The AC is old, but I’m planning on holding off on replacing it.

Many times, when i replace a water heater and take a look into some of the short pipes that connect, they are approx 80 percent closed. 

If a landlord was responsible for each replacement it would add up quickly.

During this renovation period would you, as the lender, want an Actual Cash Value or Replacement Cost policy in place?

I know you said you don’t expect anything major on the properties soon, but I would take a careful look at what is most likely to need to be replaced soon and figure out how you would pay for that if it needed to be done tomorrow.

I'd personally say pulling your water heater out and replacing with a wall mount on demand one, would be worth the cost to have in unit washer dryer if you are staying there or renting it, it would be worth it.its always worth doing the big stuff well and correct even if you are cleaning up after someone, the long term hold always prevails, its just a little frustrating front sometimes, but hang in there!

So I would caution everyone to make sure the replacement cost for your improvements will realistically cover your actual replacement cost in the event of a total loss.

Insurance-  replacement costs.  

Additionally house tenants bring more of their own appliance, like refrigerator, washer and dryer; which means tenants are responsible for repair and replacement of their own appliances. 

Understand Replacement cost versus original building costs.