Most foundations in Baltimore are cement or at least stone and they are below grade, so I don't understand why you would need to replace a foundation.

Obviously, the older a property is, the more you will want to allocate to CapEx in anticipation of some big-ticket items needing replacement in the near future, and same with Repair/Maintenance.

(New paint, inside/outside, new flooring, repairing/replacing cabinets, door knob, doorway, and some windows) From the pictures that were sent, all 36 of them didn't seem to drastic though.

I just had one replaced by a licensed plumber here in VA.

Gutted and replaced almost everything.

Gutted and replaced almost everything.

There are multiple reason why that is a bad assumption (that investor could be insuring that property at Actual Cash Value vs Replacement Cost, that property could be with an insurance carrier that no longer writes multifamily and the policy is grandfathered in until it switches ownership or that property could be under insured from the previous owner).  

We will be replacing flooring, cabinets, lights, vanities, toilets, paints, cleaning up the exterior, addressing the foundational needs and more!

You own the property and the residents are replaceable if needed.

At least in their markets, once the home is depreciated out, they can always replace or sell it in place for just the lot rent.