Or one of my favorites... the tenant reports the roof is leaking.

Home prices shooting through the roof because, cheap-$ right.     

Principal pay down on that loan won’t cover you 10k roof or HVAC replacement etc.

Similar to if you hired a company to replace a roof-you don't have a copy of the bill for all of the shingles and nails, but you have a copy of their bill that has those effectively built in.

There is a newer metal roof. 

Central AC, new windows, paint, fixtures, landscaping, roofing, flooring, major plumbing improvements, and more What was the outcome?

It was built in the 60s but just got a new roof, HVAC and water heaters were all updated between 2017-2018 so fairly new, and it’s an active mid-term rental making about $3,200-3,600/month depending on the season and he provided all the documents to support that from the past 1.5 years.

Other than that, we replaced roof and front deck, put in a new kitchen , new floors, paint and bathroom... came out marvelous. 3 offers the first day on the market and we sold over asking price.

We've replaced the roof (18.5K, it was never torn off in 100 years) and redid kitchens and bathrooms. 

The roofs on these things are small, and many have the skylight in the bathroom which often leaks, I would tighten up the roof, then address the plumbing issues then move onto the electrical.