I’m interested in collecting “ground rent” with little to no tenant complaints ever … no trouble calls about leaky roofs or plugged up toilets or air conditioners that go out on the hottest day of the year.If the only real value here is that of the rental cash flow, what’s this thing worth?

A new coil for an air conditioner would cost $2K-$3K, good luck getting even break/fox plumbing work done under $1K, etc.

Last year i had two full turns at one of my buildings and had to replace an air conditioner.

It also helps with the more obscure issues of "the old landlord let me pay on the 10th with late fees" or "I handle snow care (on my SFD) for a $50/mo reductions" or "so and so always provided window air conditioners in the summer".

Any major problem (roof, basement, conditioner, driveway, tenant turnover, etc) may cost 5K. 

I think you would save a nice buck on energy bills and perhaps be able to raise the rent a little, especially if the tenants are currently providing their own window air conditioners.

For example, the deal we are working on right now we are replacing nearly everything (flooring, Air Conditioner, Electrical, Plumbing, windows, drywall, kitchen cabinets, full bathroom & the room has 20 years left). 

List of items to be done - (inspection next weekend)HVACAir Conditioner addition to current forced air furnaceElectricalGarage door motor to 1 car garage door Install recessed lights in living room, and new light fixtures in bedrooms, living rooms, kitchenReplace light switches/outlets to square plastic whiteFlooringRemove carpet, tack boards one main floor and top floorInstall vinyl plank flooring throughout main floor Same baseboardPaintingPaint all wood trim whitePaint kitchen cabinets whitePaint all wallsStructuralRemove half of kitchen wallSliding door for half bath on main floorKitchenReplace kitchen counter top, and match bathroom vanities with sameReplace kitchen sinkReplace appliances with stainless steelBathrooms Replace countertops with same kitchen counter materialGeneral workInstall window blinds on all windows

We order in bulk the shampoo, conditioner and individually wrapped soap.

Additionally, no trampolines, pools, satellite dishes, TV antennas, air conditioners, spas, swing sets, or other similar features shall be added to the Premises by Tenant unless express written permission is given by Landlord, which permission may be granted or withheld in Landlord’s sole and absolute discretion.