@Justin Green I'd get an asbestos test done, then if it comes back positive, tell the seller that there are some broken pieces that need replaced, and they now know that the house has asbestos, will have to disclose it to any future buyer, give them the bid to remediate it, and ask them to drop the price by the difference or you'll walk from their mesothelioma pit

Nothing wrong with the upgrades,  as it will help keep tenants in the property.  

I would say you need to plan for the following to happen to you during the next 15 years:- May need to drop rent by $200/month for a while due to market conditions- May have 2-3 months of lost rent due to vacancy and/or eviction- Broken garage door opener, hot water tank, furnace, or appliance requiring a repair man and possible replacement- Need to replace carpets or re-paint the entire unit and it's not covered completely by damage deposits.- HOA fees and taxes continue to go up every year but may not be possible to increase the rents due to market forces.If you have a good W2 job and you can hang on for 15 years and cover these situations I would actually say you should keep the place!    

He's pretty handy but doesn't want a lot of time spent fixing items up or upgrading.

Built in 1960 and upgraded to Daycare standards.

Obviously, there would be a number of upgrades that would have to be done but assisted living facilities have shown very strong occupancy rates over the last few years and therefore demand is high.Hope this helps.

Only the frame holding the glass is replaced - - it's called a Z-bar frame.If you're doing replacements, by all means upgrade to dual-pane, E-glass and make your investment worth the time and effort.

A little work upfront saves a lot of time and headaches down the road.5) Tenant proof when you do upgrades - an example is use hard surfaces for flooring versus carpet.

The jobs I hear of range from small upgrades to full remodels. 

This is calculated as an annual rate but broken up over 12 months (100k x 0.85% = $850/12months = ~$71/mo).Does this help?