I'm offering asking price to the seller, but the seller has added an adendum that offers all previous renters with contact information, as well as all future bookings (From April through June), in addition to furniture - Tiki bar, outdoor grill, kitchen tables, bedding, the works.

So a judge wouldn't consider repair on an appliance or a toilet an equitable interest on behalf of a tenant with an option to purchase?

You will not be the one dealing with leaky toilets or broken appliances.  

HOw old are the appliances, AC, Heater, roof, roof, plumbing, windows,

Based on my research online, it appears that the utility cost is relatively high for all electric appliances and do tenant favor this kind of rental property?

We are going to be removing 2 walls, renovating the kitchen, one bathroom and all new flooring and paint.

Tenants (especially young ones) in multifamily can be a big enough headache- why add the drama of shared bathrooms and kitchens to the mix? 

If it does not have an oven/stove, it is not a kitchen because you cannot cook in it.

Had one we recently did in a kitchen that had 4 floors we had to get out to start over otherwise our tile would have been about 2 inches higher than the hardwood floor it butts up to in the next room!

But neither can be accurate if they don't take into account the floor plan, condition of the mechanicals (electric, plumbing, HVAC) and structure (roof, gutters/drainage system, foundation, doors, windows, walls, woodwork, special features) and furnishings (cabinetry, floor coverings, window coverings, appliances, lighting fixtures, plumbing fixtures) and land (zoning, location, yard size, landscaping, fencing, nearby attractions/distractions).