For example, if you know how much painting should cost (price per square foot) then when it's time to pay for repairs you are ensuring you do not get overcharged.8) Plan for vacancy and unit turn and have a reserve (unless you make enough money that you don't need it). 

Let's say going in you think the house needs a roof, an AC, and some paint & general repairs for $10k, 5k, and 3k respectively.  

But many others, especially traditional layouts that need updates, even easy, cosmetic ones that have dark paint, old carpet, appliances, etc., are just sitting, so you won't have as much competition there but may have to take some time to update.     

Does the area have individuals that seem to be scary, or do I see a lot of gang spray painting around.

Roof, windows, landscaping, carpets, paint job.  

Do the walls need a good cleaning or a fresh coat of paint? 

It can be a tricky market to navigate, with different cities having different point-of-sale requirements, and Cleveland has lead-based paint requirements for rental properties.

The tenant fails to pay their last month's rent and leaves the place needing new flooring and paint.

The previous owner paid to tear out the old walls, dealt with the mess and had a dumpster remove it so again, if you are doing more than paint and flooring, a property that has been gutted makes your job easier (and saves you money). 

We wanted to paint the exterior of the house vs putting siding on, but the weather did not cooperate for a few months adding carrying time which was expensive.