There is a product you can use on flooring that works well (rejuvenate)-try that first.For most things it is the actual cost (eg cleaning) or depreciated value (eg flooring replacement). 

However, I'm totally making up numbers and I would talk with a lender to verify this information and get more specifics. 

If it is performing well, the buyer pays fair market value for the home and enjoys the benefit of some future income with rentals you already have booked. 

You can find more information on this here. 

Here are some common structures and terms that have worked well for both private lenders and borrowers in real estate, particularly for those focusing on single-family homes (SFH) and multifamily (MF) properties like you're considering in Philly’s B Class areas.1.

@Travis OglesbyGet an attorney to write up the agreement between people whose it as it will list maintenance requirements, putting money aside for repairs etc and who does what.You will need to get everyone to agree as well.

So that could very well go towards an investment property.

I've tried everything and done everything "right" according to what everyone says (professional photos, changing rates, premier host, updating listing frequently)...well this was a surprise..."

Those that claim to cashflow well are either a) full of it or b) old and in a class C area where your probability of being able to achieve those cashflows are low.

As such, my renovations may very well be more expensive than what you plan on doing.