Two of my three 1950's buildings have had to have complete electrical upgrades (service, meter socket, panels, circuits to kitchens).

Good question @Naomi Hanson.1031 sets a tight window to find a quality property, and Opportunity Zones lock your cash up for 10 yrs... many times those who invest in large MF that conducts a cost segregation study to greatly reduce or in some cases eliminate their tax exposure without those constraints.

Since you're going to house hack, you may appreciate the sound of cats more so (until they're up fighting at midnight outside your window). 

A couple repairs down the road would be new windows in the bathrooms since they are the last to be updated.  

My capex budget includes roof, floors, appliances and hot water heater, hvac and kitchen and bath remodel. 

I had my contractor redo the kitchen and floors throughout the unit

Purchase price: $58,400 Cash invested: $58,400 Sale price: $70,500 Buy and Hold Project - Valencia, Spain57sqm, 3 beds, 1 bath, liftList Price: €64,000Sold Price: €53,000Offer Date: January 24, 2018Closing Date: March 14, 2018Condition: Vacant, full renovation needed Agent Commission: €3210 (6%)9% ITP Tax: €4770Lawyer Fees: €1000Notaria/Gestoria: €874Total Closings Costs: €9854Rehab (Reforma)Labor: €21,145Carpentry (kitchen, cabinets, side tables): €1900Windows: €1771Materials: €12,775TOTAL PURCHASE + REFORM = €96,774 What made you interested in investing in this type of deal?

Purchase price: $58,400 Cash invested: $58,400 Sale price: $70,500 Buy and Hold Project - Valencia, Spain57sqm, 3 beds, 1 bath, liftList Price: €64,000Sold Price: €53,000Offer Date: January 24, 2018Closing Date: March 14, 2018Condition: Vacant, full renovation needed Agent Commission: €3210 (6%)9% ITP Tax: €4770Lawyer Fees: €1000Notaria/Gestoria: €874Total Closings Costs: €9854Rehab (Reforma)Labor: €21,145Carpentry (kitchen, cabinets, side tables): €1900Windows: €1771Materials: €12,775TOTAL PURCHASE + REFORM = €96,774 What made you interested in investing in this type of deal?

When the carrier adjusts a claim they typically depreciate the roof, windows and doors more so than other items.

There are some parts to renovations though that CAN be placed on shorter lives and expensed all at once....carpet, appliances, kitchen cabinets.