The tenant fails to pay their last month's rent and leaves the place needing new flooring and paint.

I would either look for something turnkey or one that needs minimal work like paint and flooring, updating light fixtures and small things like that.

Pest resistant.

Call a painting contractor and ask what they charge per sq ft.

. $30/sf is basically carpet and paint, $50/sf is always a good default for a full rehab, higher end finishes can get you over to $70/sf.

The kitchen and bathrooms were updated, painting and removing overgrown shrubbery and trees.

Lasts for 10-20 years, flexible, stain resistant, waterproof, zero maintenance.... 

-if it's a brick/masonry building, check condition of masonry-check wood throughout building for signs of rot or termites-check house for lead based paint and asbestos-have inspector run all plumbing for extended period to check for leaks-check house (especially basement or crawlspace) for signs of water intrusion/flooding. 

This report looks at asbestos, lead paint, wetlands etc…(this takes about two weeks)22.

Suffice to say, the analogy is doing a paint job on a unique car - but leaving the mechanicals in place without addressing reliability.