on the surface if your looking for non appreciating assets scattered around the state and willing to do all this for that small of cash flow then sure.now the questions are have you accounted for everything.1. 

Also agree that two coats spray painted and back-brushed gives you nice even surface and a long coating life.

If you are changing lighting and plumbing fixtures, replacing or resurfacing counters, replacing/installing vinyl or other hard surface flooring, replacing appliances, and other longer-term upgrades, those are easier to run a separate return calculation on.

The city asked me to properly surface my gravel driveway, that cost me 3.5k.  

We deal with this a lot in Milwaukee, even tough our basements are built differently, the principles are the same.First line of defense is surface water management: gutters, down spout extensions and grading.

If it's mold on the finished surface, clean it off with bleach and install ventilation.

@Adam Jaggers on the surface that strategy should work for you, but the first thing you will want to confirm with your tax professional is that the tax benefit you would receive from bonus depreciation will offset the gains you incurred. 

That's going to sound high to a lot of people, but that includes all site work - forced to concrete a big old driveway and parking area, upgrade water meter, rebuild a drainage culvert due to increased runoff, install fire sprinklers, and more.  

What are the drainage requirements? 

I suppose it could have to do with decent natural drainage.