Replacing a few appliances could wipe you as $1560 wont go far. 

Once the tenants move out, I plan on replacing the carpet and repainting the inside (color scheme will change to the more current trend of grey).  

Since you're looking at a replacement, you'll end up with all the same tradeoffs.

I had professionals replace the roof, heating, hot water, paint, and upgrade my electric, but everything else I'm pretty capable of doing.  

The only thing that won't be ready at move-in are the windows - don't want to replace those in winter.  

Does anyone know of a great electrician who has experience replacing knob and tube?  

For capex, things like the roof, hvac, water heater will need to be repaired/replaced at some point.

@Linda WeygantMakes perfect sense when all I would really be doing would be causing problems where there isn't one anymore.They did renovate, repair, and replace everything and there isn't much more they can do about it.Just viewed it from my perspective if I lived there.

I was also required to replace the two circuit breaker boxes and bring them up to code.

This property has been well maintained and had a new roof put on four years ago.The biggest repairs I see are possible electrical update in one building and some Decks that need replacing on the outside.I see value ad because of the low rents and could possibly add covered parking or storage to increase the NOI.