Chattel studies (the equivalent of a cost segregation study for single family investment property) is the proper application to explore for single family rentals. The study process is a bit diffferent and quite economical as well. The average chattel study will generate between $500 and $2500 per year for the first five years of ownership in additional cash flow.
If you are investing and holding the single family rental which is generating a positive cash flow, a chattel study will almost always be applicable. However, chattel / cost segregation studies essentially are "front loading" depreciation expense - pulling it forward into the early years of ownership. Therefore, if your strategy is to purchase and flip, you must consider the effects of recapture upon sale of the property.
Recapture is not always a reason to decide not to employ chattel/cost segregation. A dollar in your pocket today is worth more than a dollar in your pocket tomorrow. However, you will want to discuss the ramifications of recapture with your chattel / cost segregation specialist.