Personally, I would prefer to replace all the drywall, however, I'm not sure if this is unnecessary.

I don’t think it’s one answer as with many things it depends. 5% is probably to high for a fully updated property taking into consideration the major components.

Some tenants leave the place in great condition while others will require you to do paint, repairs/replace certain components.

One unit (≈1,000 sq ft) needs a full furnace replacement due to a cracked heat exchanger.

Every component of a house comes with a design life.

Hey @Tyler Todhunter,I too was an avid Mint user and because of the nature of my business needed to find a Mint replacement for not only myself but for clients. 

I do repairs as soon as called for, but no value-add story unless you count small capex spending, such as replacing the furnace of one of the units and the like.

.- Understand the potential CapEx expenses that will be unique to each subject property by determining the life-left of components that will need repair or replacement in due time.- Run a cash flow analysis.

Otherwise component costs must still be estimated.

A comp on the other side of town is 305k.