Our plan has been to establish a strong financial foundation of properties that provide very strong cash flow while capturing the high market appreciation (maximize returns while minimizing our risk).

Alternatively, you may receive a counteroffer on the rent amount and be asked to either accept or deny.If you are unsure about the items needed for the initial inspection, I suggest asking the housing authority for a checklist.

After including all of those line items it would be good to see $150-$200 per month per unit. 

And what are some additional CAPEX items that I should be factoring in besides the roof and HVAC?

Not allocating cap ex and maintenance because an item is not expected to fail soon is simply providing a misleading return estimate.  10% maintenance/cap ex ($132) is less than half of reality and maybe less than 1/3 of reality.  

I have big items backing up now like a garage roof tarped I can't afford to reshingle, a back fence falling apart at my own home, leaning trees that need taken out....

If the title company is trying to put Buyer side items onto Seller side statement in this transaction, I would ask them why.As noted, things can change in a year, i.e. the whole buyer side commission thing with NAR, but in my state (Ohio), the customary fees typically don't change.  

While the units look to cash flow, for the next 5 years we plan on using that cash flow for any extra expenses over and above what we would forecast for the maintenance, repairs, and capex items for the properties since we already have W2 jobs we plan on keeping for at least the next 5 years. 

In addition, if you bought any of these below market, you might capture some equity upon purchase.My wife and I do a mix of syndicating and limited partner investing in apartments and have had great returns. 

We gather all documentation into a Google Drive folder for potential buyers, including:Renovation details (brochures, warranty cards)Pre-listing inspection reportPre-listing appraisalWell system documentationSeptic system documentationSharing this folder with agents and on the MLS helps create transparency, leading to bidding wars and waived inspections, often resulting in offers over the list price and fewer repair concessions.By identifying properties that fit the rural buy box for entry-level to mid-priced buyers and tackling major expense items upfront, we remove risk from the transaction.