Also, do you typically get a quote from a local handyman for repairs?

@Travis OglesbyGet an attorney to write up the agreement between people whose it as it will list maintenance requirements, putting money aside for repairs etc and who does what.You will need to get everyone to agree as well.

You were made aware of undesirable conditions and made immediate attempts to address the problem through a capitol improvement not just a simple repair.

Oh, and I would also interview a few local handymen to keep on call in the case something does need a timely repair (at least 2). 

They claimed the compressor was overworking, used an outdated refrigerant that’s no longer available, the indoor coil had a cracked pan, and the system was beyond repair.

I manage my own rentals and I also do all my own handyman/maintenance repairs.

@Marty Rogachefsky, if you repaired the old refrigerator that would be a maintenance/repair aka an operating expense but by replacing something that had reached its useful life its a capital expense and is depreciated.

Do you know how much the repairs should REALLY cost vs just being told this is the price?

Associations must now conduct a Structural Integrity Reserve Study (SIRS) to ensure they have adequate funds for necessary repairs and maintenance.

Impressive Rent-to-Price Ratios: Average rents for 3-bed homes are about $800-$900/month, potentially yielding 12-15% gross returns.Economic Transition: While historically industrial, Bay City is diversifying into healthcare, education, and service sectors.Revitalization Efforts: Downtown redevelopment and community initiatives are breathing new life into the city.Strong Cash Flow Potential: Low property taxes and insurance costs contribute to robust monthly cash flows.Let's crunch some numbers on a hypothetical deal:Purchase Price: $75,000Down Payment (20%): $15,000Mortgage (4.5% interest, 30-year fixed): $304/monthProperty Tax: $100/monthInsurance: $60/monthEstimated Repairs/CapEx: $100/monthProperty Management (10%): $85/monthTotal Monthly Expenses: $649Potential Rent: $850/monthEstimated Monthly Cash Flow: $201Cash-on-Cash Return: About 16.08% (not including appreciation or tax benefits)These are rough estimates, and individual properties will vary.