INITIAL IMPROVEMENTS- Based on the Flyer provided it looks like units have been renovated which means there will be no initial improvements.

If no improvements are noted by the broker and there is no reason to expect deferred maintenance, then this certainly can be set at $0. That said, if there is an opportunity to upgrade a property to bring that property to a higher market rent level, based on your observation of rents at nearby comparable properties, then initial improvements that are needed to affect the rent increase would need to be included.