I was thinking about replacing the vanity's, faucets, vinyl floor in kitchen/bathrooms and possible the toilets as these items were old when I bought. 

The numbers by themselves look good, but this says nothing of the neighborhood, the quality of the tenants, the items on the property that still need to get fixed sometime in the future, etc.

An architect can help from a strictly spacial perspective, but they're generally constrained by other items in many locales.  

Did you discuss any particular action items?

I am have been advising my clients to stay away from them.Family Dollar had gotten away from only one dollar items to sell and was mixing in high priced items which started reducing their profit margins.

We offered a  clean out of all the unwanted items with our offer.

If you can answer those 7 items, you should be able to come up with a pretty good idea of whether its a good deal or not:1) What is your actual cash investment (down payment, rehab, etc) to get the house?

Each of you listed many items on the expense ledger that were probably not taken into account.  

National and local vendors provide services to Fannie Mae, improving items such as flooring and paint.

Is there any other items that will depreciate faster?