I have been researching to see how much it would cost to rehab the house but I am sure the roof, electrical and panels will need to be redone.

As far as reserves, I've got a pretty good cash cushion built up, plus a line of credit in case of a dire emergency.While I haven't exactly budgeted for CapEx, my initial plan was to set all of the cash flow aside in a separate checking account to build up toward replacing the roof, separating the electric and hot water, etc.

Rents are through the roof 2/1s are going for $950 per month in decent C areas, and much high in A and B multi family properties.Let me know if I can help

They are going to call and say there is a bedbug infestation, rats everywhere, no hot water, holes in the floor, the door won't lock, leaking roof, and the tub is cracked, oh, and the landlord refuses to fix all this.

I rank hvac with roofs and foundations.  

Rents are through the roof right now so buy and hold cash flow is great.

You and I both know that NYC is flooded with foreign capital driving the RE prices through the roof, and consequently the surrounding communities are seeing an explosion in housing prices as rents force people from their neighborhoods.   

On an investment in a condo or co-op, what numbers are you using to calculate Cap-Ex and Maintenance in situations where HOA fees cover external items like the roof, building exterior, foundation, landscaping, etc.?  

You can lose a lot of capital by refinancing to fix the roof or re-plumb the place.

If you're talking about fixing driveways, roofs, and decks, then winter is uncomfortable at best.