It'll take years of cashflow to pay for useless upgrades

This is where my question of do I try to do a cashout refinance and buy more property and rent it as is or do I make cosmetic upgrades using a cashout refi, or do I just sell it and buy a property requiring less repair?

ARV is the amount you think the property will sell for after being repaired/upgraded. 

Yes, the price of $30k to upgrade your service and rewire your house is in the ball park of what a licensed electrical contractor would charge.

I have been a lurker for BiggerPockets for quite some time, but just upgraded to Pro, as I'm am finally ready (both mentally and financially) to make a move on my dream. 

How would I report the income of the unit in a way that repairs, upgrades and other expenses can be written off?

I would firmly say my criteria is geared towards a more safe investment that may not yield as much profits (newer properties in need of moderate cosmetic upgrades), but will hopefully be one that does not come with many expensive surprises. 

This home is Zestimated at about $400,000 but most likely more with the upgrades we’ve made.

I will likely upgrade them at a later point in time, but I'm not in a rush to do so.

I will likely upgrade them at a later point in time, but I'm not in a rush to do so.