If you have a 50 year old applicant that had six previous landlords spanning 30 years it is unreasonable to expect references from all those landlords.

However it will be over a span of 27.5 years so you won’t see too much written off.

Is the potentially shorter life span worth the good monthly cash flow?  

Firstly, you could try offering them a small sum of money to vacate the premises within a certain span of time.

It was to be a 20x20 open span three story addition off the kitchen.

At 20% down I have conservative positive cash flow down to about 0.7% and I have thoroughly analyzed cap expenses (not just a WAG - I have filled out spreadsheets with cost and life span of all significant items in an RE).  

The PM should know that....Appliances....it rarely pays off to spend more than $200 or so to fix a fridge, stove, freezer...... better to just replace them at that stage.....PM should know that...... approving $800 worth of fridge/freezer repairs ina  2 week span is stupid....PM should know that....Pests...if you have repeat calls on pests..... need to get to the source of the issue which is often tenant hygiene..... and better to address that and hire a monthly service for prevention.

  $190k +/- all in over a year's time with a $220-225k ARV is much tighter margins and longer span than were planned and we think we could do the same exact project again saving at least 6 months and $15-25k in rehab costs.

Probably, but the quality of management may suffer.Without knowing the current state of the cap ex in terms of life span, I would still recommend bumping your cap ex and repairs up to 10%.

You still run across places in my area, as you must also in Scranton, where the original floors are face nailed heartwood pine boards (of varying thickness, usually 3/4 in) over 1-inch perpendicular plank subfloors spanning the floor joists.