The repair work was estimated at over $10k, including foundation work, so I used the escape clause that their contract had in it.

Risk Assessment: Consider vacancy rates, potential repairs, and unexpected expenses.Once you're comfortable analyzing a few deals, you’ll be in a great spot to pull the trigger on your first property.If you need help with financing or want advice on what options might work for you, feel free to reach out.

There will be an influx of workers to help repair the area and adjusters for all those file claims that will need short term housing.

Because the cost of repairs is so high I do need to pencil in $300-$500 in positive cash flow for repairs which will come up yearly.  

I'm also making the assumption (which i would have inspected) that no "major" structural repair is required.Home ListingBP Fix & Flip ReportRehab Estimate Report

If you need help finding off-market properties, and learning to analyze the cost of repairs I might have a resource you might find useful.

I self manage one local SFH and I go over there when the tenant needs repairs.  

I do fortunately have room to absorb that loss, but with increased taxes, insurance, and maintenance/repairs starting to get reeeeally thin on the margins 😬

Be prepared for things like carrying costs, permits, and any surprise repairs that come up.

After a thorough review of systems, we had plumbers troubleshoot and repair/replace a couple of small chronic bathroom leak issues, and electricians installed a number of end-runs back to the panels so that rooms could each have window A/Cs running without tripping circuits and other such issue.