As I alluded to me in my first post, I made the typical rookie mistake of looking at the home and ignoring that many items were on their last leg.  

You can always upgrade single items later if you feel you need to, you can't really downgrade...Also, have a plumber install your plumbing if you're worried about flooding...plumbing and electrical are risky to DIY.

do you find it strange that year to year expenses are identical down to the last dollar though the inputs swung significantly year to year on some items?

The itemized expenses are $12,000 a month against $8,000 of gross rents.  

I Keep a written daily mileage log in a bound book in pen if driving, and then keep all the other receipts and itemize them into the correct travel categories when I file.  

Size: Above Ground 1,660 sq ft/ Unfinished Basement 350 sq ftI'm looking to update below items: Exterior: New roof and window (as needed)Yard: Cut big 2-3 trees in the backyard, clean front yardInterior Basement needs mold remediationNew kitchen (cabinet, appliances, & etc)New Bathroom (2.5)Move/remove walls Add ceiling wallAdd insulationelectrical work (if needed)plumbing (as needed)new paintNew floorIt pretty mush needs a complete renovation.

You go over the appliances and check out each item that works and have the tenant initial it.  

Begin to make a passive income stream from renting it4.

(I itemized it at retail value on a list I gave the appraiser for a refi.)

Don't let this deter you.No need to worry about the negative items on the credit report that are very old and minor.