After we tossed the garbage and ripped up the carpet and linoleum this is what we have: both bedrooms have water stained hardwood floors, bathroom and halway floor rotted, mold around bedroom windows, 6 of 8 windows are broken/damaged, duct work for HVAC is damaged.  

Rather, I plan to focus on rewarding long term tenants who pay on time with rent discounts for new leases (higher discounts for longer leases ala Mike Butler) and upgrades (really, things I mostly plan to improve anyway).

@Brandon Turner Most renter's policies cover water damage due to broken pipes, overflow, etc., but like homeowner's policies, flood coverage will need to be purchased separately...My $0.02...

Definitely will be upgrading my membership soon enough. 

Most building departments will at least make you upgrade to gfci outlets in the kitchen and bath.

Upgrades to these utilities outside our parcel.  

Oddly enough, this house had electrical service upgrade by a licensed electrician (new panel and romex wire) a couple years ago...and the pipe that burst was cpvc, which I have never seen before.

I think I can get it to that ARV with about 15k in upgrades and repairs (minor leveling, it is a pier and beam foundation, paint, some drywall minor update to kitchen and second bath)2.

Upgrading your outlets to grounded outlets won't be covered under warranty.

Already have an issue in the basement kitchen pipe was froze and broken.