I also think rent as a % of income is starting to reach a ceiling in many, but not all, neighborhoods.On the property management front, I'm with you.

The current drywall ceiling has blistered paint.

Once emptied, we could see it will probably be a complete gut job, including hvac, flooring, windows, ceilings, walls, and possibly plumbing and wiring.

As long as the room is built with permits, it doesn't need a closet to be considered a bedroom as long as it has a window and a door, a ceiling that's at least 7 feet in height, and the size should be more than 70 sq. ft.

Rehabbed with granite counters, stainless steel appliances, changed the drop ceiling, and new bathroom.

We use it for ceilings, walls, and trim. 

Large 3 family property where every room from the floor to the ceiling was filled with EVERYTHING from clothes, to toys, to food, to (in a couple of spots) human feces and urine.

. $15k profit after ARV is terrible, but not as terrible as your rate and origination points.You got a low ceiling property with terrible rates in a falling knife housing environment.

I would want to completely renovate all 3 kitchens and all 3 bathrooms, put on an all new roof, remove popcorn ceiling (only partially throughout), put in new windows, and possibly new siding.

I'd say it's likely your ceiling and walls are not even or square - I've never seen any that are.