That cap ex will be a larger percentage of your monthly rental income on D class versus other classes, not because of the cap ex amount but because of the lower rent/profit per unit to absorb that cap ex over extended periods of time.

I'm looking at around $300 in paint/material versus $1600 for siding ($2600 for higher quality dutch lap).

Make sure to calculate the height what else you may be using, for example hardie backer and tile versus 1/4" laminate, 1/2" engineered wood, or 3"4" sold wood would produce uneven abutted finished flooring if you are transitioning from one material to the next. 

Hey Mike,I also threw together a rough 20 year plan in ten minutes (not accounting for variables such as inflation or appreciation, pulling capital back out etc...) id like to reduce to ten, I went to 30 properties but 40 would be a better conservative estimate of replacing my job.I think i can do 4 this year versus the planned 2 so that's a good start. 12 is impressive to me MIke, I hope as I learn more of the techniques and get a better grasp of the industry that will look easy to me.

Amazon has Yellow Lined Paper for $11 for 250 sheets, and I was looking at that route versus outsourcing, but the formatting issue was a concern. 

I prefer 1 versus 4 or 5 deals and consider it to be more efficient and less brain damage, but to each his own.If the place needs kitchen, baths, pools, mechanical work, closing costs, holding costs, I could not get it all done $32/sqft but I may not have the same resources as you.Good luck...looks like a wild project.  

If it's cheap enough versus what it's worth will tell you to proceed or not.Also the IRS is not in the business of forcloseing on their leins.

It also depends on the rents versus house prices in your area.  

Appraisers don't give you any credit for having new versus functional features.  3.  

The post about 1 property in So Cal versus 10 properties at the average return location with same investment money is correct for past 5 or 10 years.