If you're local, ride by on Friday night.

I am considering listing the unimproved houses first, riding the hot market and foregoing improvements on them if there's minimal to no profit margin for the rehab, or list the remodeled one first?

Enjoy the ride!

As for me, I just love the old fashioned long-term rental. 

Just ride it out and start over with new tenants.

Some details on the multi-unit located in Glenolden (SW suburb of Philadelphia):  Old (early 1900s), 2700 sq ft, converted to 5 units with 6 separate electric panels/metersOnly 1 gas meter, 1 gas hot water heater, 1 gas furnace heat (old fashioned water radiators)Tenants on lease (month-to-month) have been there: 15 years, 11 years, 7 years, 2 years, 1 yearTenants only pay electricity; current landlord/owner pays water/sewer/trash (standard for the area); heat and hot water (only 1 gas line and hot water heater). 

The type of RE investment is the vehicle the money rides.2 - "...to combat risk..."         

Just make sure everyone is on board to go for the ride.

First, you need to know how much everything costs in your area or you are going to get taken for an all-in ride by a contractor you don't know.

Dealing with contractors getting them done in a timely fashion is a challenge!