Especially if you anticipate making any repairs or value add pieces. 

I actually just sold an older property because there were too many repairs, so I was hoping to find something more hands off as I am an out of state investor. 

Quote from @Michael Belz: Now, I have two options: I could fix and flip it with an estimated $200K rehab for an ARV (After Repair Value) of $825K, having purchased it for $465K. 

actual mortgage, actual taxes, actual insurance, actual capex.with that said it will probably be closer to the 50% rule than using teeny tiny percentages for vacancy, repairs, capex, etc.

Repairs vs. capital expenditures.- Find out how long the provider has been doing cost segregation studies and how many they have performed- Consider the resources available to the provider.

If the continuing maintenance and repairs are more than you can afford and make the property cash-flow negative, I would sell and hope that the repairs I made and the appreciation would earn me some profit.

When you don't have money for a downpayment, you should not be trying to buy a home because no matter how you do it, you will be overleveraged and have no reserves for repairs, etc.

As for the extra dollars unaccounted for, it could be a number of things - repair persons fee, management fee, failed repair, etc.

The house needs a lot of work with repairs and upgrades.

Too many people are scared of townhouses and condos, but you are protected against a lot of the repairs of single-family or multi-family ownership.