It was a very bumpy transaction and our unit required a bit more reconditioning than initially expected, but we couldn't be happier.

@Jay HinrichsThe company that I work for only manages properties (we will recondition homes (Paint, carpet, mechanical/appliance repair & install, etc), but not usually full gut/rebuild/rehab jobs.

The tenant sees this and moves on to newer places for the top market rent they are paying.Now you have tons of repairs and reconditioning costs to land a tenant again and months of lost rent.The investors I know with lots of doors buy with the goal in mind of having a great deal with rents in the middle of the market.

We won't have any problems straightening it out, but this entire expense is going to probably cost thousands in lost rents, legal fees, reconditioning the house, vacancy, etc.

The recondition the appliances and sell them with a 1 year warranty, and they deliver and take to old one away.

Risk you would have to recondition it before sale. 

He reconditions them and resells them, and will fix them if they break.  

And if there's a dog, charge them increased rent, cause you're gonna need it to recondition the yard after they're gone. 

They are $150 new or reconditioned for $100.

If you dumped that 10k into this place then your capex/maintenance shouldn't be 20% since almost everything would be new/reconditioned.60k purchase15k down payment (25%)5.4% interest555 per month253 P&I, 215 HOA, 36 tax, 51 insurance,900 rentLeaves you with 345 mo, and 10k in the bank for reserves which is = to about 39 mos of set asides (20% maint/cap, 8% vacancy).If you get your loan to 5% vs 5.4 you're at 490 per mo and that gets you 410 left over.