The answer to your question is YES, recessed lighting looks more modern, BUT it's not necessary. 

At $475/month I would also think the units are very dated and substantial modernization and improvement ($$$) may be necessary to bump the rent up.

Bldg may be in good shape, but I doubt it's been fully modernized and renovated.

One of these was offered to us essentially for free, but it would take half-a-million to update the property(energy efficiency, modern electrical and plumbing, etc) yet retain its 1880s majesty ... we would need to cut it into three ~1600 sq ft units (one per floor), but would need to be able to sell them for ~300K to make the project worth while ... the market just isn't there at this time.

As much as I like the looks, it certainly does reveal dust and blemishes easier.Here's a scheme I really like, and want to try because it gives a dark modern look while most likely hiding some small particulate a little better.This stuff is pricey, though.

They forecast, and they benchmark, and they project all the repairs that they think are repairs, yet they forget that the number one certainty is uncertainty.

t=484690Galvanized water supply is something I don't like, because the pipe is corroding from the inside, and eventually the corrosion can lead to blockage of the pipe.Iron waste pipe is somewhat more modern than alternatives like say clay ...

`We are going for a very sleek modern look in the bathroom - I think a glass door shower will look terrific.

Also, sometimes existing structures are "Grandfathered in" meaning they don't comply with modern setback requirements etc, so sometimes it makes sense to keep just enough of the old house to keep grandfathered in and just rebuild on top of that.   

They could probably be painted without much issue but the kitchen would still not look modern, is a remodel worth it?