I originally bought the properties because I was in the military and knew the Fort Pickett there in Blackstone was probably going to get a big new contract for a State Department training program.

Apparently, this is deeply embedded in terms and conditions (fineprint) when you sign up, do you really read through even single line item?

NAICS can be one of items that flags your bank to dig deeper.

My dilemma is replace the exterior items (which I can't really raise rent for).

Be 1-1.33 DSCR, ideally 1.2 ish range with capex as a top line not bottom line item. 50% net cash flow= reserves, 50% net cash flow= investment #2.

Selling it to them is an option that lessens your risk but make sure write up a bill of sale, offer as-is and state that it is their responsibility to make sure the item is safe to use and to maintain it.   

I am also looking to get into my first rental as an active duty OOS military investor.

Quote from contractor, see how much it is and if you can afford it to convert to a permitted room and do the other remodel items in question. 

Almost all the cash flow analysis I see does not take into account a reserve for replacement of items that wear out.

It helps to confirm what we had written is clear and to the point about each item in the lease.