@Babu Ramadoss you're going to get the it depends answer. it depends on your short and long term goals. many will say chasing appreciation is gambling like the stock market. others say cash is king and never put your money where roi is not maximized. personally, my goal is replacing w2 income in 7 years so cashflow is king for me. that also means I need to use less leverage with lower roi, or do more brrr which would like take longer based on what I buy. your market will likely dictate one or other, and for the record I ignore appreciation in my underwriting as a buy and hold investor. the appreciation will never be realized until I refi out down the road.

It's the liability part that does not change so much, and the cost to replace is more adjustable.

Typically, I count on having to replace the roof and windows on every property.

Looking to replace all the carpet downstairs and the cheap vinyl sheet flooring.

In my area it is $6 sf to replace. 1600 sf*$6=$9600/10 year life span/12 months in a year=$80 per month for 1 item. i use a minimum of 10% for capex.

Is replacement plumbing now going away from copper to PEX?

Had it been a repair / replacement the permit would still need to be pulled, but it would likely have no significant impact on your taxes.Adding bathrooms, bedrooms, etc. impacts the value of the property (usually value goes up by adding these things), and towns know that, so they want to make sure they are taxing you at the appropriate value.

., depending on your lifestyle, 65% income replacement is generally low.  

If the owner does not, then just buy a spare of each size and replace them as needed.If you are having one that goes out all the time, you may have an electrical problem, and FOR YOUR OWN SAFETY tell the owner about it NOW (so you don't burn to death in an electrical fire).Good Luck! 

Then are they going to charge you another placement fee for the replacement tenant.