Additionally, cash flow can easily disappear if you need to repair a roof or HVAC system.

These violations are to fix porch, roof, and masonry work. bids that have received are totaling up to $150k.I'm looking to see what options are recommended to finance that additional rehab work needed to clear violations. 

I remember when this guy knocked on the door of a foreclosure I was selling and handed me a card indicating he was selling roofing. 

Hi All, I have a small rental house in the phoenix area that needs minor repairs, roof patch,  replace outside door etc.

Added new floors, AC, new roof, put in a gravel driveway What was the outcome?

The property is 21 years old and there will be capital improvements coming soon ( new roof - $10K, maybe new HVAC $10K).  

Nothing fancy at all. shingles for roof, not many windows, unpainted interiors, etc.

Still, I think I wouldn't want to budget less than $20k per unit reno, and the duplex may need a new roof or will in the next five years which will be at least another $20k.

I was going to go under contract but the house had won a grant and will no longer be for sale until the roof has been replaced.

Lower rates will simply put inflation thru the roof, hurt the housing market by going back to way over asking prices with no contingencies, so making it more unaffordable.