Is $1000 per year of that annual cash flow enough to set aside for capital improvements for a house of this age in your opinion?

Anything that allows heat to escape will improve comfort.

Only improvements.

I would rather make a mistake and learn from it and improve than not do anything because of fear of making mistake.If you really don't know of something they ask you about, just tell them that you will have to discuss that with your partner and you will get back to them on that.

The houses aren't in the best neighborhood and the seller makes only the improvements needed to pass inspection.

Within one year from the time an asset is acquired the value is "book value" the cost of acquisition plus the costs of improvements.

Example: purchase 3/1.5 SFR for $37K, add $8K in repairs/improvements (~$45K basis), and rent for $850-$900.

Any suggestions about how we could improve?

Do not close out lines of credit, especially the "good" ones, with lower balance ratios to credit extended for the sake of trying to improve anything.

We are planning to lay down new tile throughout, paint everything, stain kitchen cabinets, and just some small improvements that are needed.