I would first ask you to double check that you could qualify for that election:
1) Is the Unadjusted Basis of the property between $450,000-ish and $1,000,000?
2) Do you have any other repairs, maintenance or improvements? It only applies if the TOTAL of ALL repairs, maintenance and improvements for the year are under the 2%/$10,000 rule.
If you meet the rules, it seems to me that it would work.
