In real estate its messy and there are always repairs and capX projects that seemingly pop up from time to time.

Acquisition Target: $730K-$780K; ARV: $900K; Repairs: $120K.

Get a leasing agent for placing tenants and a good handyman for repair requests.

Normal repairs are absolutely NOT covered by insurance.

If the age of your equipment is older, or it stops functioning, those repairs can also add up.

I bought 1 House out right, I am refinancing for 100k. had 1 renter paying 1000. using the refinance to purchase the second property, and putting renter for 1400. it will also need 25k in repairs.

I just listed my last property for sale, a fourplex in Pocatello, because now I focus more on commercial RE and syndications to be a true passive investor and not deal with tenants and repairs.

Repairs: Add a pool ($65K).

Quote from @Dan Grove: Some combination of cash to seller, closing costs, repairs, construction, paying off arrears, assignment fees, commissions.   

Assume a couple of months of vacancy, consider potential unexpected repairs (like HVAC or plumbing issues), and test the numbers with rents dropping by 10-15%.