The list you have there, assuming the work was completed professionally (architectural shingles, good quality kitchen) and barring destructive tenants (which seems not to be the case) sounds like he put about $70K in already.  

I use a very high quality, branded sign not one you buy at Home Depot. 

I would replace the carpet with luxury vinyl - it looks just like wood if you buy a good quality luxury vinyl. 

In those suburbs, you can find good quality move-in houses in the 450k range.

This is because they should be experts in the industry and know how important it is to find a quality tenant.

As a independent landlord I have always found this to be immensely helpful in finding a quality tenant. 

Once you trust him then you'll only have to do periodic checks to ensure quality. 

Stick to the quality and finishes of alike, SOLD comps and you'll get a good, accurate appraisal within acceptable margins. 

There is no exact number because the the age, the size, the building type, the types of tenants, the local weather, the quality of materials purchased, the quality of the labor, all play into it.

I don’t mind spending more for quality... however $7200 seems a little outrageous.