Most foundations in Baltimore are cement or at least stone and they are below grade, so I don't understand why you would need to replace a foundation.

Obviously, the older a property is, the more you will want to allocate to CapEx in anticipation of some big-ticket items needing replacement in the near future, and same with Repair/Maintenance.

(New paint, inside/outside, new flooring, repairing/replacing cabinets, door knob, doorway, and some windows) From the pictures that were sent, all 36 of them didn't seem to drastic though.

We are not a young couple able to house hack (read 2.5 kids, 2 dogs, 20+ years of married family living) but we do have experience in rehabbing, know our area (one of us used to be a real estate agent turned software engineer loves analyzing a deal), and have a bit of cash reserves (not enough to not require financing).

I just had one replaced by a licensed plumber here in VA.

Appraisal, Engineer and Contractor to asses condition, current value, and possible repair scope?

Gutted and replaced almost everything.

Gutted and replaced almost everything.

There are multiple reason why that is a bad assumption (that investor could be insuring that property at Actual Cash Value vs Replacement Cost, that property could be with an insurance carrier that no longer writes multifamily and the policy is grandfathered in until it switches ownership or that property could be under insured from the previous owner).  

We will be replacing flooring, cabinets, lights, vanities, toilets, paints, cleaning up the exterior, addressing the foundational needs and more!