This could come in the form of something big (water heater), or a bunch of little things (garbage disposal, dishwasher, toilet). 

Seems like tenants in Toledo are pretty easy to impress, you put in something i take for granted anyways like a dishwasher they r like OMG THANK YOU!!

Two dishwashers, some lights, screen enclosures, some inoperable cooktop units etcMy Estimates (note that the market CAP is 7-8%):- WORST case scenario for rents ($1225), occupancy rate (88%) and high repair costs ($75K): 2.3% CoCr and 5.1% CAP - BEST case scenario for rents ($1300), occupancy rate (95%) and low repair costs ($20K): 7.6% CoCr and 6.6% CAP rateEven though I strongly expect the numbers to look closer to the best case scenario above, considering my out of pocket expenses are going up with all of the repairs and also that the stock market is tanking right now and money is becoming scarce, I'm not so sure about this deal.

In regards to the dishwasher leak, was there any indication on the inventory and condition form (when tenant moved in) that there was an issue with the floor or dishwasher? 

The valves in dishwashers can get stuck in the closed position when they sit around unused for weeks on end, Once you turn that water on again, you might face a leak, a flood, or at least the need for a replacement.

Still, we forged ahead and got the P&S on December 23rd.Initial BRRRR Estimates:Property acquisition: $151,000Rehab: $30,000 total:$2,000 for kitchen (stove hood, refrigerator, stove, dishwasher etc)$2,000 for window repairs (about 4 broken windows)$4,000 for painting$3,000 for oil tank$2,000 for water heater$2,000 for second bathroom spruce-up$5,000 misc$10,000 for roofEstimated ARV: $230,000The initial numbers looked good.

I’ve been working part time as a dishwasher and balancing school.

I was able to buy a nice Samsung fridge, stove, dishwasher, and over the stove range for less than $2000 from Home Depot.

@Dawn Brenengen, thank you for the insight.

I won't go into all of them, but the primary thing was that our kitchen cabinets were basically falling off the wall, the dishwasher stopped working after using it 3 times and the P-trap under the sink was malfunctioning, causing a constant water drip and massive hole under the sink - which they had covered up with a shelf and cleaning supplies.