You can patch it together and "drive" it a bit longer, but you are already living on borrowed time.A complete rehab for a typical Milwaukee home will run around $35-50 per sqft, depending on things like do you replace the siding or just paint it.

. $8,964,-Phase 3: Interior paint/ Install kitchen cabinets and granite countertops. [5 days] Install bathroom vanities, toilets, sinks, tubs.Install hardwood flooring, Install baseboard heating, electrical, and plumbing.

With condos instead of budgeting for major expenses like roof, ext paint, landscaping etc the association takes care of those and you pay the maint fee instead.  

You have not accounted for paint, exterior work(you mentioned siding, that will blow your budget with siding).

If you think the market likes the old style radiators, then you can clean them up, paint them and use them with a standard furnace with circulation pumps.

The carpet is so stain resistant that a Sharpie permanent marker cannot stain it; also bleach will not damage it.We also use stain guard pad with the carpet that will not allow liquids, and pet urine to penetrate into the pad or flooring below.When tenants moved out, we require them to have the carpets professionally cleaned.

Unless someone trashes a property $1,000 more than covers cleaning and some paint.

I upgraded on several features I should not have: A/C, painted the garage, textured ceilings.

For example, for long term rentals, I like 3 bed/2bath brick houses (don't have to paint) in starter neighborhoods, with A rated schools.

We chose that over hardwood because of the following benefits:durable, waterproof and hides floor imperfections:  We then plan to do paint touch up and possibly new stove top and dishwasher.