On a separate note, I would seriously consider disposing of those SFRs and using a 1031 exchange to get into this or another 5+ MRF.

There may not be the disposable income for people to travel that might have been planned even two months ago.

It is the appraisal district's job to use whatever legal methods are at their disposal to arrive at their own value, which the property owner can then protest.

We also go on to list different examples of negligence such as clogged drains due to improperly disposing of materials such as grease, sanitary napkins, ect AND changing furnace filters, batteries.

As for things that aren't part of the building, like appliances, it depends on how your tax basis is setup - if the original appliances were part of the building's cost basis, you might have to treat as Opex, but if they were segregated and tracked as their own assets, you'd have a capital disposal and a new CapEx purchase. 

We are now one week into the rehab as I type this.Current BRRR Numbers:Pre-closing Costs: $2,740Plumbing inspection (because the house needed to be dewinterized, $150)Home inspection ($525)Appraisal ($655)Electrical inspection (because power was off on the day of the appraisal, $150)CO and Smoke Alarm ($366.57)CO and Smoke inspection ($52.50)Rehab consultant ($840)Kitchen Appliances: $2,000 (estimated)Plumbing: $7,300 (estimated)Oil tank ($1,800)Water heater ($1,000)Chimney liner ($2,000)Re-piping as needed ($2,500)General Contractor: $32,000Roof replacementDrywall patching and painting of entire house (trim, wall, ceilings)2nd floor bathroom spruce-upClosing exterior door in master bedroom and finish sidingBuilding two closets in two bedroomsBroken window repairsWindow frame repairsScrape and paint area over bulkheadFinish floorsRemove and dispose drywall from basement spacesRear deck repairFront steps repairInstall handrail to basementFoundation masonry repair and paintingRepair cement stepPatch area of exterior trim near kitchenPatch two rotted window sillsCap extra basement doorFill in dining room windowAsbestos: $1,500Electrical: $2,000 (estimated)Closing Costs: $3,733Home Purchase Price: $149,000Total All In: $200,472Expected ARV = $250,000 (initial appraisal for rehab loan came in at $235,000)Amount I have invested in the deal = $50,000Expected Cash Out at 80% = $50,000The situation is still very fluid, as we still have at least three more weeks of the rehab in front of us, but the numbers thus far are still looking promising, despite all of the surprises.

When we are underwriting deals we can plan for a downturn in our assumptions e.g. increase expected vacancy and decrease rents to avoid overpaying Dispose of weakest assets– this is simple portfolio management, it's key to let go of underperforming assets to free up cash and credit required to buy better performing assets.

Folks who can't meet DTI, debt to income, requirements of FANNIE/bank borrowing have a whole world of portfolio (now being called DSCR lenders) at their disposal. 

In addition, if I purchase a home with a garbage disposal, I take it out.

Now that I have free time at my disposal, I would like to offer that time to an investor in my community.