That horizontal crack at the top of the block could be a sill plate covered by the parging coat, that would be pretty much guaranteed to crack when the wood swells and contracts.

We had to remove each piece of wood and then afterwards, scrape and spackle all of the walls in the building.The game plan was to replace all 20 windows, all the doors, and the majority of the trim, retile the bathrooms, sand all the hardwood floors, new kitchen cabinets and granite, backsplashes, new exposed duct work, etc.

I'm a fan of the wood-like tile.  

@Jon Latorre yeah when I see traditional decor like Mickey Mouse wallpaper in Orlando or bear skin rug wood cabin in Lake Tahoe.

Have been cleaned and used every winter but they are 38 year old masonry chimneys with wood stoves connected.

We've never had an issue with late rent payments ("knock on wood"). 

For the work, we are: Removing 4 small metal cabinets above the counterRemoving one large wood cabinet (where the fridge will go)Replacing existing counters with prefab granite countersInstalling new stainless steel appliancesInstalling and staining 6 new wooden cabinetsInstall backsplashInstall a new dishwasher next to the sinkRepaint kitchen walls light gray and ceiling white, fix minor cracks in ceilingBased on our price shopping, we're budgeting ~$2,400 for materials. 

I know they collect wood, cabinets, hinges, doors, door knobs, etc.

I know, after 19 years and over a thousand deals, I'm still learning it.)So, to your question, if you paid 1 million dollars for a wood frame duplex in the heart of my inner city, that is rented for $500 per month per side (long term tenants) with taxes and insurance at around 200 per month and maintenance at an average of 100 per month and 100 per month for management, would it be a deal?

Wood putty can fill them in easily and almost unnoticeably.