Plumbing for three kitchens (one currently functional) and three bathrooms (two currently functional).

there is no “vote” function here.

The 5 biggest things to me, and in no particular order:LayoutArea of town (walking distance to anything) # of beds per unit average# total units in buildingBuilding typeSimple laundryAnd this is based on my experiences in Indianapolis area.Layout, are these function layouts or do you need to walk through a room to get to another room to get to the kitchen?

I still own numerous SFR rentals too.The answer to you question is 1) partially of function of the financial numbers and 2) how you value your time and 3) your particular skills and abilities and 4) capital available to deploy.One size does not fit all.

It would be tricky to get a refi with a 21 year old roof, but functionally it's still keeping water out and I patched a handful of missing shingles.By the time we put the roof on it and have paid off the HVAC from cash flow, we'll have also paid our partner back his 'extra' $4k he put in. 

I plan on adding some walls/closets to cure its functional obsolescence.This is not important for me personally since my family is small.

Ultimately it does the same stuff that Cozy.co does, but better and then it allows for a more robust management of maintenance requests. 

At the beginning of 2020 (if anyone can remember back that far), it was looking to be a bright year for retail and a robust year for food and beverage, the movie industry, and the gym industry (even I joined).

The military presence here is robust as well.. 

It is certainly not a uniform program from city to city, so investors are investing in a challenged area with a program that may not be efficient or robust for their area.