It seems to me like it could be a good option for cabinets, tile, countertops, and maybe plumbing fixtures.

I replace thing with quality parts, fixtures etc.

I manage property in the Dayton area and would love to meet you and have a cup of coffee to exchange ideas. 

@Steve Emling do you have your fixtures picked out?

So, when I picked it up most of the work was cosmetic (paint, flooring, fixtures, etc.).

I wouldn’t want to assume a lease, I would make the seller pay it off, additionally leasing companies hold a lien (fixture filing) on the property so there’s that. 

I appreciate your input Brandon, but it appears that d(1) contradicts your first point:"Except as provided in § 1.162-3 (relating to materials and supplies) and in § 1.263(a)-1(f) (providing a de minimis safe harbor election), a taxpayer must capitalize amounts paid to acquire or produce a unit of real or personal property (as determined under § 1.263(a)-3(e)), including leasehold improvements, land and land improvements, buildings, machinery and equipment, and furniture and fixtures."  

This necessitated moving quite a bit of electric, adding some for closet lights, getting rid of some fixtures that didn't make sense and adding can lights.

Let's grab a cup of joe soon

Property was well maintained and reasonably updated with refinished wood floors, updated bathroom fixtures, newer appliances, dual pane windows, and modernized heating/cooling systems.