In your numbers above, the $10K per year for taxes and insurance combined seems light for 16 units.  

Acoustical drop ceiling titles, fluorescent lighting, upgraded carpets, wood cove base molding, and glazed interior doors.

Banks only see one color ($$GREEN$$). 

You could replace the ceiling light and switch and plug covers.

If the regional list you mentioned above is an indication of where you are looking to invest, I would recommend finding some fellow BP investors or agents in those areas who can shed some light on neighborhoods "on the rise" that may be harder to identify via google.

I am not allowed to give personal info here in the open.But ... as the master of SEO,  dude, just do a search for my name, or, shoe size, or, eye color, and I will always be #1 on Google :D

I personally did it myself for years, but eventually saw that light in choosing to rent in a more desirable area of SD (eliminating the commute) and buy in the less desirable areas of SD (putting money to work by creating cash flow). 

It's almost right...At my friend's house a few weeks ago, I found a light switch in the shower.

Knob and tube is fine for your lighting and some receptacles.

But many assets like lighting, carpeting and cabinetry depreciate much faster than that.Which means you shouldn’t have to wait all those years to get a tax deduction for them.