Especially important are the old cast-iron pipes that were used up until the 1960s, they are all failing now and expensive to replace (~$10k).

Legally speaking, do I need to replace the fridge with one of the exact size? 

Bathroom vanity (3) need to be replaced.

Restuccoed the house, replaced castiron with pvc, upgraded bathrooms.

I would rescind the offer to have the daughter replace herself on the lease and instead suggest you'll just allow them to end the lease early - but they both have to go or they both stay on the lease.

Whatever you're comfortable with, the higher the deductible the more risk you're taking on for yourself resulting in lower premiums.Standard is 1,000 or 2,500 - I've seen many opting for 5,000 and 10,000 for higher replacement value apartment buildings 

@Samuel W.I think a *very rough* rule of thumb is about $4,000 per unit (when doing replacement cost calculations).

It's a little deeper and apparently needed based on the math being done that initally failed to take into account taxes and insurance (and their ability to change), and Cap Ex which, as mentioned, may just be that roof you decided not to replace etc.

Roof itself may also need repair/replacement.

@Chris Lopez thanks for the reply… Ultimately my goal is income replacement which is why I’m leaning more towards cash flow then potential appreciation, etc.