It probably also has 60 AMP service, which may be too little for today's appliances.

I don't think anyone has ever said anything about sheets, towels, Keurigs, wifi speed, tv stations, pack-n-plays, the games in the game room, the upgraded appliances, etc.

Sometimes they come with new appliances. 

Why mention the tenant will be responsible for appliance repair above ordinary wear-and-tear?

We still end up doing a few things like upgrading appliances or installing recessed LED lighting and dimmer switches and other life-style upgrades to attract top-notch tenants. 

We still need to calculate appliances, flooring, windows, HVAC, fixtures....My point is that we need to be putting away money to keep our properties in max market rent rate condition.

Upgrading countertops to granite or quartz, installing high-end appliances, modern cabinetry, and stylish fixtures can significantly raise ARV.

In 2024, we've had to replace, in a few buildings:Siding - $30kRoof - $8kLeaks - $3kTurn-Overs - $20k+Appliances - $5kNow, I've been doing this for over 40 years, so I have a good amount of buildings. 

Upon move-in, appliances, cabinets, floors and walls all had built-up grime and residue from your habitation of the home.Infestation of bugs, pests and rodents-There was no attempt to treat the house for pests, as evidenced by the more than 15 spiders we have already seen in the basement, and the live, active wasp nest in the patio fence.Floors, stairways and railings in poor condition-The carpets are stained and smelly.

One or two appliances or a new roof can wipe out years of cash flow.