Each of the 5 warehouses on this campus will require updates (construction of offices/bathrooms, roof repairs, paint, siding repairs, new penetrations for doors, updates to electrical, insulation, and extension of water and sewer). 

No matter the number of units, there is one roof, one property tax bill, one sewer line, one gardener bill, etc. 3.

Newer architectural roof, vinyl siding, and newer hvac.  

I did minor improvements to both of those, but unfortunately had to replace the roof on each (Flat roofs suck, lesson learned).

The owner also needs to save for big ticket items that may need to be replaced every 10 or 20 years such as AC, hot water heater, furnace, roof.  

It's what you paid, minus the value of the land, plus what you spent on long term repairs (roof, furnace, etc.

What the city housing clerk is telling me is that there was a water leak from behind the sink pedestal on the second floor bathroom that has been running for a week. 

Now, with those out of the way, you can worry about the roof, foundation, sewer, HVAC, pool, etc, because these don't matter at all if you can't get the property sold.8.

We have had tenants use everything from latex caulk to roofing cement to try to fill nail holes.

People were panicking about their roofs collapsing and willing to pay almost anything to get someone up there to shovel them off.