Struggling to decide what to fix on first investment property

[Bassma Mancilla]

Hi all, 

Context: Out of state investor (living in california, there's no way I can afford to invest here)

Made an offer, got it accepted. Second time this has happened and again, paid for an inspection only to find big cap ex items needed to be addressed. It's not that I didn't expect to have some things to update when buying but I didn't expect a 30 year old roof, HVAC and water heater at the end of their life, along with some water intrusion. 

How do you decide what is worth fixing/addressing, and what isn't right away? How do you budget for these items if you go the route of a BRRRR? Any advice for not only a first time homebuyer, but first time investor?

My agent says it's not bad when purchase price is around 80k but comps are around 100-110k; so maybe if i fix the immediate things and then refinance and pull cash out a year later it would be fine (assuming similar rates, but a lower rate would be even better).