You have to consider your own wear and tear on the property.

That said, it would surprised me if data (and resulting analysis) wouldn't be far better if you were dealing with a relatively new subdivision where you'd have comps, more similar wear-and-tear, potentially less time for major updates/upgrades to have occurred.  

Increase the rent . lots more wear and tear 

We had to tear apart the basement and replace all of the drywall and some structure, but it turns out that the previous owner had been dealing with basement flooding for some time. 

I’m in agreement with everyone, that you have utilized the useful life of that paint job and should assume the repainting is due to reasonable wear and tear.

OR - tear down the wall of the bedroom immediately next to the kitchen to create a dinning area/coffee and games area. 

As long as you lived in the property at least two years of the five tears prior to sale, you can exclude the capital gain due to appreciation on your half of the sale profit.

I bought a fixer upper that was deemed a tear down for $237k and put $120k into it and now it rents for $4600/mo and worth over 500k.

Cost me $10k to tear down and it was small.

I can put up with a lot. if and when I buy the place, I imagine the lender is going to want an inspection but my whole plan is tearing the building down and building new. if there is a problem I will cross that bridge when I get there.Once I explained my plan, he calmed down a bit and asked why I'm not doing a rent to own with the partial rent going to the final price.