Needed to just do a quick clean & replace a faceplate or two and some touch-up caulking in the bathroom (for my own piece of mind).

Small touch-ups only take time but are so valuable in the end.

We've always just charged one month's rent, but up in Northern Virginia, where that home is located, that's over $2,000 which is usually plenty to touch up some paint, clean the carpets, etc.

Realtor commissions, closing costs, touch-ups, carrying costs, etc.

I have no big intentions to get a run down location to flip, but a location that will need a touch up here and there and to hold on to for rental.I am familiar with the locations I have in mind.

Need to replace the floor and some minor touch ups and a fresh coat of paint, would probably cost around 5000.  

Evictions, advertising, touch up between tenants, renovations, legal, accounting, advertising, utilities when vacant etc. to say nothing of special HOA assessments and HOA increases. $364 simply is not enough to cove all expenses.In addition you have either $182K or $77K in equity either of which has a opportunity value of 10%.Dead equity is killing your cash flow based on every 100K in equity is worth $833/month at 10%. 

Market rents for the area being a college town are 1150 each side (Conservatively) and it needs a new roof and some touch up curbside.My Initial thought would be: For him to carry 50% of the $200,000 offer price and have it be interest only for 3 years at 5% and to finance the other 50% through the bank.

Maybe 2-3K worth of light touch ups. 

For this current project I need painting, drywall finishing and someone to refinish a hardwood floor, and touchup / finishing person.