I invested about $4000 in paint, tile, repairs etc to get it ready to be shown.

but say in year 2 your tenant moves out and it needs new appliances and new paint. 

Took soffits down (whoever invented soffits should be shot if not dead), new flooring, new paint, new roof (thanks hailstorm), refinished the deck.

Here are the numbers:Purchase price: 300k @5.5% (might be able to negotiate new exterior paint job credit)Monthly costs: mortgage- 1703 tax-245 (2933/yr) insurance- 167Market rents are 1600$ easy for both sides as is but currently being rented at 1410 and 1325 tenets pay all utilities (separately metered)Planning on putting aside 20% of rents for Maint, vacancy, capex and will be self managing property.

If you are just painting and replacing carpet, you still need to move into the home within 60 days of buying. 

From clogged drains and leaky faucets to ceiling fan installation, fences, painting up to small kitchen and bath remodels there isn't much we can't do.

Just the other day I saw someone had used black sheet rock screws in the hangers on a brand new deck (non-permitted obviously, and not a single lag or any flashing on the ledger board, and they painted it immediately before the pressure treated lumber had even dried out so that’s going to peal in the first year, at about the same time that those sheetrock screws start to rust lol). 

Also converted what was once a restaurant/kitchen to a coworking lounge with views of the ocean and pool/patio area.Redid kitchens, painted, added swing, hammocks and created social areas.

With a dozen properties over 25 years I have yet to spend a dollar on a roof or painting a house exterior.

The plumber’s report indicates that the leak may have been caused by an overflowing tub or sink upstairs, but the tenant in that bedroom denies any such incident.As a result, I now have substantial expenses for the plumber and restoration company, including drywall repairs, painting, texturing, and reinstalling electricals.