I don't know about NJ but that seems excessive to me.

They were in the range of $4500 a month for houses in excess of $900,000, when houses in the $700,000 range were renting for $3800-4000/month.

Hoarders, sewer back ups, excessive cats, crack houses, and on and on.  

If you're not equipped to deal with this, then you might consider taking the hit and unloading the property.Since you apparently have several thousand dollars a month in excess income, however, this doesn't sound like it would apply to you. if that's right, then I think your only real question is, will this property appreciate any time soon?

I file eviction on 7th if not paid.If you charge a per day late fee and they pay on the 28th of the month, some judges may find this excessive for late fee.If fee was $5 per day x 23 days late = $115 late fee.

If the switch is white you can just spray paint them.It depends on what kind of rental you have with what they expect.We have small old water stains from previous leaks on the ceiling when tenant moves out.I buy a spray can of Kilz for 5 bucks and usually last about for 2 of my apartment units hitting spots.You can't tell afterwords with the ceiling and it looks great.It's cheaper than scraping popcorn and trying to match or scraping the whole ceiling and a flat ceiling because it is old showing all imperfections if you just scrape and paint it.On the light switches I agree it works to replace them all but in older apartment buildings I try not to do that because what I have found is the wiring in behind is cut short or has too much excess crammed in.So if the wiring was all clean and the right slack from out of the box it would be easy to replace.I have found that some go smoothly and the others are a bit of a pain to change out making adjustments.The Kilz for the ceiling I only do that on non-active leaks where the drywall still has integrity to it and is not sagging.If it is sagging I cut out and put a patch in and then popcorn over it after priming to stick.All my tenants want is a nice,clean place to live.If you have a high end tenants paying premium bucks then finish level and what the tenant expects will change.In mine replacing everything will only net me maybe another 30 bucks a month in rent and the thousands spent will take 5 to 8 years to recover if everything goes perfectly with each unit.

I'm a little stuck on an "exit" strategy in that, in the interest of lowering taxes, I may NEVER exit, and instead simply "refi" on a regular basis OR simply live off the excess income once mortgages are amortized.

. $75k seems a bit excessive just to jack and repair.

I wouldn't consider this nice stuff though. 17 founded Police calls in the last month has caused this current owner to be fined $500 for excessive Police calls.

Brokers do not do net listings because they rarely work, and in those cases when you do get a decent commission the seller often turns into a troll and screams you conned him out of some money that belongs to him and wants what he considers the excess.