AKA very easy/simple things that require no actual part replacements or major work.My fear is that when I hand my portfolio over to a PM I will be getting a lot of high price maintenance expenses for service calls which might raise my expenses dramatically.

You will have to intend to live in it for a period of time over the year.. but the rental income that you mentioned to them will most likely make them say it will need to be reclassified as investment home.FYI- loan level pricing adjustments on second homes are changing April 1st this year which means rates are going to go up on a second home (pretty dramatically actually).

At $7,800, any cut to this cost would help your cash on cash return dramatically.

I believe that the rent being paid right now is FAR below the market value, But I do not want to increase the rent too dramatically for a mom with 3 kids who have other wise been good tenants. 

This can change dramatically when the home owners finally take over.

worked for me, was to intentionally listen and posture myself as newbie "learner" when walking through w appraiser (I also sent him a renovation binder w expenses, details, and a few of the more dramatic before/after pics). 

Even more dramatic, imagine you used $150K and bought 5 houses, $150K each and they appreciated 10%.

LTR and STR are radically different markets with dramatically different tenant expectations and overhead.

Judging from what I've read about appraisals and appraisers, it seems I shouldn't get my hopes up for dramatically increased appraisal values post-renovation. 

If you can add a pool that will also dramatically increase nightly and occupancy rates as well.