The owner told me she is willing to go down in the offer (she knows that needs work) AC&HEATING, electrical, Plumbing and fixture, Crawl Space, roofing and attic.I got an estimate from a contractor and he told me around 30k-40k for the rehabNot sure about my number but this is what I got ARV= $ 130K-140K could be more but I'm a little conservative! 

We are considering running HVAC the second floor from the first, because currently it only has baseboard heating no AC, so that wouldn't be too hard to include the bathroom!

I don't think there are any GOOD - AFFORDABLE CONTRACTORS in Baltimore - if they are good - they are not affordable --- if they are affordable they are not usually good.I just finished a development on Charles Street at a cost of $1.1 MM - it should have cost $900,000 - contractors have a way of getting all the juice they can from a job - they are always finding something that the owner or they have missed.You might want to price out every stage of your renovation - heating - drywall - electrical etc. and learn to act as your own general - my son has been doing a  program called FreeHabbing - it is a professional approach that solves the two most common problems in real estate renovation: 1) where to get the money to acquire real estate, and 2) where to get the money to rehab. the property.A bad contractor can drain you bank account and demotivate you.

That would be my 5 year plan. 11 heat pumps are going to need to be replaced very soon, and that is $2,600 each.

How much is finished and heated below grade square footage going for in that subdivision?

If you own a property for 27.5 years, chances are you'll have replaced the roof, heating system, appliances, remodeled, etc. all of which you'll depreciate.But you are right that chances are by the time the original building deprecation is done at 27.5 years of owning the property that you'll most likely show higher taxable income. 

Like @Uriah D. said, the SFR scene continues to heat up and you aren't going to see the same cash flow numbers you would see in smaller midwestern cities.

I'm assuming that does not include the heat correct?

Keep the fridges and heat going plus some lighting.The initial investment may be not inconsequential, though.

I am looking for the following work to be done: New flooring in an approximately 1900 sq ft two story house paint throughout the whole houseSiding and new windows Two bathrooms gutted and redone New kitchen Forced heat and air installed I am looking for recommendations for contractors.