We put about $2500 and some sweat equity into the property before renting it out (some flooring, new dishwasher, new water heater, painting, etc).income: $1295expenses: $108 vacancy (guess), $283 HOA fee, $161 property tax, $14 insurance, $130 repairs / updates (guess), $480 mortgagecashflow = $119And that doesn't take management into account, which so far we'll try to do ourselves (from NH -- I know that's iffy, but we did find a high quality tenant so we're hoping that not too much will happen).

I'm very green as far as mortgage tips and tricks as this is only my 2nd mortgage.I'm currently updating parts of the house such as a full bathroom gut on the main floor, new water heater, softener, fuse panel, radon mitigation system, windows, paint, flooring etc. 

The seller doesn't have any info on lead paint; the property has ground rent of $150/year.My questions are:1.

New interior paint in 2015, new carpets in bedrooms in 2014 and a new roof in 2005, New AC in 2014, and Updated Kirchen.

Basically the only thing we didn't charge tenant for was painting, and we did charge paint fee if there was nicotine stained walls.

Namely, paint, scrape ceiling, change faucets and bath mirrors and flooring.

http://www.zillow.com/homes/for_sale/53021469_zpid...The house is a 3-1 and needs some work, flooring and paint needed throughout, paint needed everywhere, everything is very dated and needs updating.  

He wants to build a booth in the attached garage so that he can varnish/paint furniture and vent the fumes outside.  

While growing up I helped my dad with the usual landlord jobs when it came to painting, plumbing, hanging shelving, or the worst one cleaning after an eviction.

Andy, another thing to consider is the lead paint status.