What you are overlooking is that you going to need some skin in the game...its usually called MOOLA...

Every "surface" in the house is new, with new paint, new floors, painted cabinets, new appliances.

You are possibly leveraged too high to make this deal with lender. they may be skeptical, because you may not have enough skin in the game(YOUR MONEY) some one financing the down payment is normally a no from a lender on investment property

Thus, we were a little over all-in.going forward everything depends on how many tubs end up needing to be re-surfaced.

If you have a single family home, they will already need to be on the lower end of that range, because a single family has 5 exposed surfaces, as compared to a townhome or apartment with shared walls.  

Make the payment similar to his rent so you know he can survive and pay on time .I’d rather have the guy give some money down so he has skin in the game . 

I'm very familiar with SFR, but have surface knowledge of expectations when it comes to multifamily.

But if you have thick skin and can deal with some BS, there’s money to be made there. 

Ultimately doing a timely and reasonable job of protecting tenants by clearing snow and salting the surface area is what matters most. 

I.E, clean with a strong degreaser, scuff the surfaces lightly, and use a high quality paint like Sherwin Williams Emerald line.