You might not have any capex expenses for a few years but you need to have reserves or be prepared to come out of pocket for unexpected capex items.

@Zachary Dooley Yes, you can typically ask for a price reduction to cover “unexpected” repairs, regardless of appraisal, IF you as the buyer were going to do them after the sale.  

When I wake up sleepless in the middle of the night I jump onto zillow, or dive into a podcast; When I get an unexpected break from work, I check out homes for sale; when I'm out and about, I talk to people about the homes they've purchased/sold; when I'm playing with or walking my dogs I have audiobooks playing in my ear.

Most states allow you to charge for reasonable vacancy and marketing costs associated with the unexpected turnover and any normal charges beyond wear and tear.

If it looks nice, but the boiler and hot water heater and anything else in the basement (electrical, plumbing) are old, you will still have unexpected cap ex on a "new" renovation.

Keep knocking out solid investments like this and you'll be delighted with the results!!

If a large unexpected expense comes up he will likely struggle to manage the financial priorities.

Then it gets even worse when you need a new roof, need to paint the building, make unexpected plumbing repairs for the water and drain pipes, install a new water heater, or replace a furnace.I looked at the most-beautiful 108-unit property in Klammath Falls Oregon about 18 years ago and the units were selling for half the price of the units in Los Angeles County, but the problem was the rents for a 1-bedroom unit was only %450 and the 2-bedroom units were only $550.

Unexpected things happen and you do not want to end up passing on or walking away from a good deal due to lack thereof. 

Ensure you have a small emergency fund to cover any unexpected expenses, then set a budget for yourself and put as much as you can away to the credit cards.In the meantime, you should start educating yourself on real estate and practice analyzing deals.