You also have PM, repairs, vacancy, and capex on rental property.

Research high-rental areas, plan for repairs, and consider simple upgrades.

It looks like you're not going to finance the repairs.

Let's assume there is no CO obtained immediately after the sale (will do later after repairs are done), and no township or local-level inspections requested.Is the township automatically notified by the county of the sale or is there some mechanism by which they would learn about the sale and update their records, other than by the buyer telling them about it, or applying for a CO? 

View report*This link comes directly from our calculators, based on information input by the member who posted.Don't know the age of the property but due to what you stated the price point I am going to guess it is a bit older. 5% for repairs and cap ex maybe low in that case.

The repair work will likely involve the removal of drywall in order toperform repairs.

To determine if the expense should be classified as a capital improvement or a deductible repair, the context of the expense is very important.An example is, if an item of expenditure is part of a general plan of modernization, renovation or rehabilitation to equipment or other business property, it typically must be capitalized even though on its own it would be currently deductible.According to IRS Code, expenses that you must capitalize are those that:Materially increase valueSubstantially prolong useful life (including replacement of deteriorating assets)Adapt the property to a new or different useHowever, you are allowed to deduct expenses and fees for routine maintenance and repairs that help keep the property in efficient operating condition.

The repair quote was over $1,200.   

I think I gave a partial refund once in 10 years for an HVAC unit that needed repaired. 

With the mistakes that have already occurred, you are already costing yourself more than $500.00.Once the property is vacant and repaired, I would hire a local Property Manager to oversee it.