I have basically $1,000+ per turn on my rentals, granted they are all 4-5 yr tenants, so more wear and tear.  

I've had people who want to put in a fence, tear down walls, want me to remove my appliances so they can put theirs in, etc.

We did our own tear down. 

Rents will not go down due to the city tearing more older homes down, Indiana State University, Rose Hulman Engineering School being here will always make rents stay stable.

We weren't undergoing a huge tear down or anything, just a basic renovation so I worry I may be overly cautious on this one.. 

Tear it down, build 2 new townhouses and sell them individually. 

If I were to make an investment there, I would look for a house to tear down that has buildability (you can build so many sq mt).

I am sure the units go through more wear and tear with students so you need to vet the students/tenants better.Chicago has a ton of nice student areas and Evanston is definitely one of them. 

There’s often less wear and tear on these items since they’re not being used consistently so no need to budget more.Then you’ll need to find a cleaner or company to handle turnovers and factor that in, as well as the cost of supplies monthly.

An additional factor when dealing with furnishings, you have more "maintenance" effort and expense cleaning or repairing chairs, sofas, etc. although some charges may go to the tenant, many will be "normal" wear and tear.