The quality of workmanship is to be good, but this is not a museum-quality restoration.  

Like most places, North Richmond has a range of areas in terms of quality.  

The other reason I'm not raising as much is the new tenants are high-quality tenants and want a 2-year lease.

Here in Allentown/Bethlehem, they do not like to re-zone something as "rooming house", as that is where they typically have the most trouble given the quality of tenants it attracts.  

The apartments are pretty cheap and basic so it's generally lower quality tenants, the buildings are old but pretty well maintained, one has a nice view of downtown.

I am a Business Administration graduate of the University of Illinois am a licensed Illinois Real Estate Broker and licensed Community Association Manager.My background in building and developing gives me valuable expertise in maintaining high-quality properties while staying under budget.

Chances are these are the folks in demand because of the good quality work they doGet multiple bids from different contractors – get into the weeds with contractors.

I am willing to forego a higher % return in exchange for higher quality tenants in the B to A- range. 

The beauty of this is that I can have a pretty good life quality and save up to 50k per year which hopefully this will keep increasing. 

You should seek recommendations on a quality firm with expertise in the field and a track record of providing excellent support for the plan beyond just the initial setup.