Let them do the simple stuff, paint, carpet, rekey.  

Painting of front porch roof- metal2.

Kitchen/baths needs gutted and replaced, maybe a wall or two knocked out/moved, flooring, paint.  

They are a very nice couple, we had several meetings, I'd put together a lawyer reviewed JV document and the, reno plan for the upstairs suite of 15k to redo the kitchen, add flooring in 3 bedrooms, and paint the interior.

You will have to paint and at least clean the floors with each new tenant and possibly more depending on the condition of when you bought it.

I have looked in the short sale and nothing much other than paint and carpet clean.

It is probably the cheapest way to go for you but you might have a higher turnover rate because resistance heat is expensive compared to gas or a heat pump.

Moisture meter only showed right in that immediate area.

I have a single unit with similar problems and it has problems with the floors being very cold, moisture build up, and of course mold. 

If you are looking to purchase property for investment you want to make sure that your Agent is investor "friendly" remember that when you are investor you don't care what color the bathroom is painted or if the flooring is pretty.