In my area the water company offers to forgive excess usage if it was caused by a leak.

I would also qualify it on no damages that exceed the security deposit.Hopefully you have detailed pictures before renting, and is a good reason for regular inspections to check that HVAC and other equipment is functioning properly, and allows inspection for damage from leaking roofs, etc., as well as tenant damage.

You can then be pleasantly surprised if you find a solid subfloor, watertight roof, or salvageable drywall.

Creating a consistent theme for the entire house… farmhouseNew drywall and paint interior and exteriorFixing the bamboo hardwood floorsChanging out the light fixtures interior and exteriorPainting and restoring the bathroom vanities Tile paint for the bathroom floors and showersLandscapingChanging out the toilets to eco friendly ones Adding a nest thermostatSealing and patching parts of the roof Drywalling and painting the garage Adding new appliances Staging What was the outcome?

We also tuckpointed the entire building and are putting on a new roof.

Do you save three months of vacancy for each unit and $50,000 for the roof replacement?

On the other hand how fun is it to talk about that latest rehab where you fell from a roof and stand to tell the story? 

If any of the "Big Five" systems (HVAC, plumbing, roof, electrical, water heater) haven't been updated recently, they still should be budgeted, even if you expense them later.Also, if you're primarily buying for cash flow, then this seems like a whole lot of work for just 7.75% CoCR!

New roof, exterior doors, flooring, paint...

By this, I mean multiple generations under one roof.