This is super low risk in my opinion. 

My property values are low, in the 40s, so no one wants to touch them for a typical refi. 

We've received some quotes but they are all over the board and vary $7k between the low and high bids.

From what I see online, there seems to be a lot of low hanging fruit in those 2 states.

if so $15K seems low to me.

What about future assumptions for repairs and maintenance?

if one has a good friend that is in the contracting business, able to do a lot of the renovations himself. what kind of partnership proposal would entice someone like that to maybe provide renovation at a very low cost?

Vacancy, property management, maintenence/repairs, cap ex, and any neighborhood association fees are the main ones I'm thinking of.

I personally like dark hardwood, but they present maintenance issues... dust and dirt, pet hair, scratching, etc.

Look for smaller banks offering low cost options.