I harken back on my deep dark days of 08 to 2010 when I spent 2 years foreclosing on 200 plus landlords ..

. - So the insurance is in fact a stab in the dark estimate.

I have smoke detectors there too .

I’ve marketed “smoke free” reasonably successfully in the past but in my market with so few pet friendly rentals I’m not positive it would work.

Also keep an eye out for evidence of any lease violation.... unauthorized occupants, unauthorized animals, tampered smoke alarms, damages, etc.In addition to checking all of the smoke alarm devices, plumbing fixtures, electrical fixtures, appliances, and operation of doors and windows, ask the tenant if there's anything that's not working or needs attention.

Smoking allowed in household?

I apologize if this seems ignorant of me, I am swimming in the dark here .

So the owner may end up having improper restoration work done, doesn't smoke seal necessary areas properly, then when a renovation company comes in and finishes the work, come next hot summer season, the smell of smoke comes back). - If they look like they might consider selling, you have to start looking for restoration companies that also renovate who guarantee their work so you can figure out the cost. 

I think the only big thing that we'll need to address is smoke/CO detectors. 

Many investors who don't specialize in fire damage tend to stay away because it is more than just cosmetic and smoke damage can penetrate more than expected.