My credit union does 95%LTV with no closing costs and desktop appraisals.

There is NO getting around the fact that you own the property/business other then a TRUE no-recourse loan (which will not be an option for small mom and pop investors) and no if the loan is on your credit report has no effect either as credit report is NOT the only source.The premise of DSCR loans is for borrowers who cannot qualify for full doc loans for one reason or another, but it seems the real premise of DSCR loans is because of the commercial purpose designation is that a lot of states do not require licensing of any type to sell these products.

Those factors don't even take into consideration the cost to prep a unit at turnover and possible placement fees paid to an agent to find a replacement tenant.

The water bills are a big cost to me.

It also is worth approximately $140k more than my property is currently worth.My question: when evaluating renovations, is the math as simple as (Additional rent expected per month due to renovation * 12 months/yr)/total cost of renovation = ROI.

If you're going to flip, it could work, but you would need to analyze the properly for that approach -- which would included getting detailed and accurate estimate on repair costs. 

Age of construction may not be a huge issue if it has good bones and can benefit from a fairly cost efficient "In & Out" remodel.What is stopping you down payment?

This deal showcased our effective renovation strategy and commitment to delivering profitable outcomes.

If they were the right land/building ratio and made sense to do a cost seg/bonus depreciation, could I potentially offset my entire W2 salary?

Rates will be more volatile and going into a cycle of rate easing by the FED's these rates are set to drop soon which could cost you in interest earnings.