Philadelphia, PA · Member since 2017 · 824 posts · 1k+ votes
6y
On top of estimating items that need to get done now, make sure you set aside 10 to 15k in the unforeseen items that will come up. I had a pretty sparkling inspection report aside from some minor items, and the seller didn't disclose a lot...I've spent about 8k in 1.5 years taking care of deferred maintenance. My CAPEX and maintenance budgets for a partial year 1 and full year 2 were decimated, leading to a lot of unnecessary stress and painful situations.
Set aside that money now, and either be glad you did or thankful that it potentially won't be needed.
I'm sure John can help you with those estimates, but this is one semi-newbie investor to another with probably the only advice I'd go back and give myself buying my first true rental that I didn't already think about or know.