The other item I would encourage you to do is to visit some local Real Estate Investment groups in your area.  

Estimate how much for that particular property how much it will cost to replace each of those items.

Don't yet figure in the cost of money, but do figure, monthly, about 10%, or more, of the income for "Reserves" (maintenance that will someday be necessary over and above the monthly costs).Maybe you know the formula: NOI divided by the CAP Rate (check out Loop Net to see what the going cap rate per unit is in your area) = Value of the RE you're interested in.Ask the owner (or owner's agent if there is one), what the "deferred maintenance" is, and the approximate cost of each item.

I typically hire one contractor to do most of the work, but I will itemize other parts and hire separate individuals.  

As a investor the first item you deduct from your rental income each month is the payment toward your dead equity.

Isn't there a long list of items that have to be considered before it can be deemed available for a 1031 exchange?

@Paul WinkaPaul, There are two items I hate, refinishing floors and sheetrock.

Water heater, roof, etc. so I would look at the condition of these big ticket items and estimate how much life you have left out of each of these.

Let's say the loan payment is $500 - that new line item will lower your approval by $100k

Here are the numbers for this project:Purchase Price: $140,999Purchase closing costs: $1,706Materials and Labor: $31,822Holding Costs: $9,019 (includes repayment to investor)Final Sales Price: $220,000Closing Costs, Commissions, and Staging: $14,667Total Profit: $21,788Here are some before and after pictures:Fireplace before/after:Kitchen before/after:These are the major items we replaced/redid on this house: converted the carport into an additional one car garage (not as hard as I thought it’d be), carpet, updated fireplace, paint, updated lighting, appliances, laminate, granite countertops (also added a little shelf to the counter so you sit at a stool to eat), backsplash, painted cabinets, new furnace, new windows, and removed 3 dead trees from the yard.