We replaced roof, some new windows, new A/C, flooring, quartz countertops, new appliances, basic bathroom remodel and gave the exterior a facelift.

Lets further supposed that the replacement cost is $1,000 with like and kind. 

@ Neil Garceau,What i will suggest is for you to look for an Asset Based Hard Money Lender that does not consider income or Credit, underwriting is based purely on the asset and its cash flow. 

Finishing property, fixing and painting holes in walls, redoing all carpet and flooring, replacing counters with granite and adding an island.

Use actual dollar for long term replacements.  

What it does is it replaces the mortgage on your home with a Line of Credit.

at 75 years old, hopefully they've been replaced with PVC, but you have to check.Look at the electrical panel....are there GFCIs, ArcFault breakers, new panel, where is the panel, are the plugs grounded? 

If so, perhaps I should do that before I begin the rehab and replacements of kitchen, baths, etc...

.     ($1900 per year - eventual new carpets, new paint, replace HVAC, appliances)*****$1,758 monthly outlayMonthly rent: $1800 - management 180 = $1720 +$25 trash fee+ $1745 net rent.Cash flow =.  

I agree with @Joe Funari, If you don't want a big tax bill and are interestedin continuing in real estate investing you need to consider a 1031 exchange which allows you to sell investment real estate and buy replacement investment real estate and indefinitely defer all tax on gain and depreciation recapture.