After this weekend, where I brought the property up to showing-standards I put the rent more in-line with the market and am getting the next wave of interest.

But it is my belief, that any agent who takes the profession seriously would wave the contract in this situation despite the fact that the excluded list was not explicitly listed.

Dawn A. is correct, that is how it should look like.Consider using a free bookkeeping program like Wave accounting.

Just make sure you keep the sander moving or you will end up with waves in the floor.

I've only been doing this for about 6 years but I too agree with your basic point that repairs/replacements come in waves and can be pretty discouraging.

I'd walk if I didn't have either the cash or the equity after I bought the place.If I got past the above, my next step would be to do a daytime drive-by on the property and see if there were any obvious signs of major repairs needed (a roof with waves in it or damaged shingles, rotting fascia, stress cracks on the exterior, if the house is square with the foundation, general condition of the exterior).

The hand waving in this thread, "well, it depends on your goals...," is missing the point.  

How long of  a duration is   recommended to wait before sending mail and doing your  next wave of  marketing i.e second or third round of letters?

That’s an important question for buyers, sellers, investors and realty agents who have taken part in a nationwide wave of renovations and quick resales using Federal Housing Administration-backed loans during the past four years.....officials say, it’s time to revert to the more restrictive anti-quick-flip rules that prevailed before the waiver: The 90-day standard will come back into effect after Dec. 31 2014.

"An important ruling has been issued by the Massachusetts Federal Court that has big waves in the residential management community - many of the commonplace "fees" charged to Tenants and Prospects are now unlawful.