The roof has an unknown age as no new permitted roof has been pulled in the past 30 years, but no appearance of roof leaks currently, but looks aged.The bank asked me to give an offer...Comps in the area have sold in the past 12 months from 110-119k, rents seem to be around $1000-1100/month

My thought was to offer her 4% or hourly rate with 4% max gross income  for Fielding calls (maintenance, emergencies, questions re policies, complaints, etc.)Inspecting units (bi annually, more in questionable situations)checking for leaks twice per year (part of inspection, putting blue tabs in toilet tanks, etc.)driveby's once per week (check for trash, exterior problems, etc.)We would do everything else.

That said, you can expect this property to have problems like: no functioning HVAC, electrical problems, old water heaters, low rent, old appliances, worn carpet/torn linoleum, leaks, etc.Sometimes the rents are not able to be raised for that block, or you may not be able to justify raising them enough for a good return after repairs.  

I found Reef Oil and Gas, and then read some negative news reports about them and crossed them off the list.

I charge $535 per bed room and they pay all their utilities (gas electric water).

Meaning it has a well and electric and gas if it has those things. 

They said everything was ok except a valve needed replacement (concession made).July: Waiting for plumber report since lender required documentation.Late July: Now PM/ seller is saying they found a 'large water leak' and will be fixing it.At this point, I am feeling less confident that the home will be in decent condition.

Tenant shall notify Landlord of any plumbing leak or slow drainage within twenty-four(24)hours.

Something will break / leak, you will go over on your Reno budget, things will take longer than expected and you will have some vacancy at some point.

In the winter its the gas bill for renters using the heated pool and in the summer its been the electric bill from the AC (just got one yesterday for July - $472!!!).