It will make your property more competitive and if your tenants do start a fire then the rental insurance should hopefully cover it.

@Rich Jordan The pricing is going to be all over the board depending on what company you go with, types of meters available, if your plumbing is separated already or if it needs to be (depending on company or meter type).

Can I then get it insured?

Location: IndianapolisPurchase price: $125kClosing: $1,200Reno: $78kProjected Reno time: 3 monthsHolding costs: insurance $350 (3 months), taxes ($150), utilities ($500)All in costs on projected timeline: $205,200ARV: $260kIf I BRRRR:Rent: $1,500PM: $150New Assessed value for tax: $450/month (2%)Please help!

Other upgrades I'd consider: matching stainless kitchen appliances, modern kitchen cabinets, and upgrading plumbing fixtures. 

They need to carry basic hazard insurance while the builder carries the liability.  

Another option is to ask your insurance company what the replacement costs would be as they have all that data as well and use it for underwriting policies. 

What kind of shape are systems, plumbing, electric, windows?

We had to do all new plumbing and electrical throughout the entire property as well.

I busted a slab three years ago to re-do some plumbing and found a 2" slab with not even 6x10 mesh in it.