I'm thinking a good $1200 to retile the bath/shower, new faucets, toilet , glass sliding door, and tile or laminate on the floor would improve the restrooms a great deal. 

The lower risk the property the lower risk the tenant so I created The Ultimate Guide to Grading Cleveland Neighborhoods to help investors determine what risk level is associated with each property they are looking into to allow them to gather a bit more of an estimation on tenant behavior and subsequent costs the rely upon it.As for large Cap Ex items here are a few things to note that should help you out.Water tanks are going to cost roughly $1,000 to replace and will last around 15 years.Furnaces are going to cost roughly $3,000 to replace and will last around 30 years.A roof on a 1,200 sq ft bungalow is going to cost around $5,000 to replace and will last around 30 years.

Also, as others have mentioned, you get the upfront depreciation but will get less of the deduction in subsequent years. 

As mentioned above, if you were to secure a blanket loan on the 4 rentals (either rate/term or cash-out refi), it would remove your existing lienholders, place the new loan into a DSCR loan which does not impact your DTI, and subsequently reduce your personal DTI at the same time.Then, continue to scale with DSCR loans.

Another time, a tenant let me into their place and showed me a leaky kitchen faucet that had dripped down to the apartment below and caused water damage, along with a few other minor issues like long tears in the carpet, a broken drain in the bathtub, leaky windows and sliding glass door...  

You can also thin the product if it's sliding and not rolling.

A good rule of thumb for cash reserves is $10k for the first property and $5k for each subsequent properties.

Right now out of seven units I have four smokers, all of which claim to be 'outdoors' smokers, two of which I discovered subsequent to leasing.

In this case, you might want build in a prorated sliding scale commission for how much equity you are able to extract from each refinance. 

We have a minimum score to qualify and the deposit is on a sliding scale depending on the score, with additional deposit amounts for poor history like BK and/or personal factors like pets.