Now in my day job of financing a lot of turn key.. you have some vendors that are in markets were their is certainly competition for the better tenants so they will do their rehabs at a level even above many starter new constructions.

You can do really neat things with accents with ledge stones, etc.With you having what looks like a bit of work to do there, some inside work will allow you flexibility and some time to find those deals on materials.Get used to being on craigslist in the materials section and hit the local restores, and get feelers out there for whatever vendors might have some of this stuff ASAP.Certainly wrapping all that window trim would be nice, especially the stuff exposed to the weather (not under the porch).I think a decorative railing would do a lot for that house design.I also think a nice light blue / grey would be a good color selection there.The walkway can use some roundup and weed pulling when its time to list - that'll be a huge value add for the time invested.

I am so frustrated with all the time it's taking me to deal with them chanigng their minds, referring and deferring me, and dealing with their vendors who don't deliver on time.

(I apologize for the format; my copy is in columns and it did not transfer very well.)Move-Out Charge SheetCleaningClean refrigerator $25.00Clean stove top $10.00Clean oven $30.00Clean kitchen cabinets $30.00Clean kitchen floor $25.00Clean kitchen countertops $15.00Clean tub/shower surround $30.00Clean sink $15.00Clean toilet $20.00Clean bathroom cabinets & floor $20.00Window cleaning (per window) $10.00Vacuum/sweep through dwelling $40.00FlooringRepair carpet $85.00Replace linoleum $6/sq. ft.Replace floor tile $75.00 ea.Replace laminate flooring $10/sq. ft.WallsRemove/treat mildew (per surface) $15.00Repair hole in wall $55.00Repaint (per wall/ceiling) $40.00DoorsReplace door (interior) $165.00Replace door (exterior) $485.00Replace weather stripping $25.00ElectricalReplace light bulb $3.00Replace light fixture globe $20.00Replace light fixture $65.00Replace electrical outlet/switch $15.00Replace electrical cover plate $2.00PlumbingReplace kitchen faucet $150.00Replace bathroom faucet $105.00Replace faucet handle $20.00Replace faucet aerator $10.50Replace shower head $27.00Replace toilet $175.00Replace toilet seat $25.00LocksReplace key (door or mailbox) $10.00Replace cylindrical door lock $35.00Replace deadbolt lock $25.00Windows and Window CoveringsReplace window pane (single) $75.00Replace window pane (double) $125.00Replace mini blind $20.00Rescreen window screen $25.00Replace window screen and frame $50.00MiscellaneousReplace refrigerator shelf $25.00Replace stove/oven knob $20.00Replace plastic countertop $275.00Replace mirror $45.00Replace medicine cabinet $75.00Replace towel bar $25.00Replace shower curtain rod $25.00Replace shower curtain & rings $13.00Replace shower/tub enclosure $350.00Replace thermostat $80.00Replace fire extinguisher $30.00Remove junk and debris (per area) $35.00Replace smoke detector $15.00Replace combo detector/alarm $40.00Replace alarm battery (per battery) $2.00Replace drop ceiling tile $10.00Replace wireless doorbell $35.00Replace portable window screen $10.00Actual charges may vary based on condition and/or vendor bill.

Enter a maintenance request, assign a vendor, attach a fake invoice.

Are their vendor contracts (trash, insurance, etc...) that will change?

Tripledeckers have pretty good income to cost (one roof) etc, and all your potential vendors, lenders etc know them inside and out. 

I am also not speculating we manage over 600 units and facilitate 10+ roofs per year and shop multiple vendors.  

This should be taken as an example of why you cannot normally trust CAP rates provided by third parties - particularly the Vendor's pro forma / memorandum of offering where there will be motivation to provide a rosy picture.CAP rate is only a single metric and like other metrics (GRM, Price per unit, etc), it is insufficient to base a purchase decision upon it.

I am getting quotes from several vendors that can install all possible options.