It's a reality.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

That might be a more accurate reflection of reality as well as enhance your returns. - Homeowner's insurance looks about right to me, but you can always get a quote to confirm. 

you have, can it be done, then reality.. 

In reality, each of these houses have several “time bombs” just waiting to go off, namely roof & HVAC replacement.

If you want to nit-pick reality, I guess I could get on-board… but the general concept is that you make allowances for the things you are talking about.  

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

Kitchen is basically useless and cannot wash dishes in the tiny sink.

The reality is, (and I say this solely from personal experience...not from any point of real estate advice to tell you what you should do lol) most sellers don't care what type of financing you use, even if you change from cash to financing, as long as you successfully close on time.

If you don't accurately budget for these phantom expenses, you could be thinking your getting a cash flowing asset but in reality, you are getting a property that cost you money each month due to  these unaccounted for phantom expenses.