That means, as soon as the cleaners arrive they need to let us know the condition of the unit and if there is anything that needs additional attention: broken fan, leaking toilet, missing TV, whatever it is.

Doing a cost segregation of an asset you do not own does not make any sense.If you spent money making upgrades on a building you rent, those improvements could either expensed outright or you would have to capitalize them as an asset.  

I will do exterior painting, upgrade the bathroom, and the kitchen.

Purchase price: $185,000 Cash invested: $25,000 Amazing 3/1 1200sqft with upgraded paint, floors with new appliances.

You might want to make some fixture upgrades, perform some landscaping, or kick out a tenant (see "cash for keys"). 

You're in the right place, you'll find a wealth of information here.As for the property, I don't think your return would great here at this price, especially with all the fixes/upgrades on top.  

Do your best to make accurate and reasonable comparisons in terms of location, # of BR/BA, size, upgrade level, parking, and amenities and adjust accordingly.

Our value-add plan is to upgrade the interiors at $4k-$7k per unit.

No water pan , no gas lines , broken siding boards , exposed romex wiring .

Our value-add plan is to upgrade the interiors as vacant units become available at $4k-$7k per door (depending on unit size and budget considerations).