I have a few lenders who will straight up tell me they don't care about credit or income... all they care about is how much equity does the borrower retain (skin in the game). 

If you're not at 80 LTV yet (75 LTV if this is an investment property), my guess is that you'll be there soon the way the housing market has been increasing.Bottom line is that on the surface saving $100/mo might sound good, but overall I am going to guess that the cost won't be worth it. 

Just looking at this on the surface, I understand questioning the age of the HVAC and water heater. 

Surface renovations, with no mechanical updates or major issues will cost me 50k minimum.Now that 2% will often be stale MLS listings, that I feel I can get significantly below current list price.  

The tenant vacated in 32 days and earned some money.Don't give any thought to a security deposit refund, as all surfaces will be exhausted from normal wear and tear.

@Michael Kagan, I always tell people who ask that buying San Francisco apartments is a game of regulations, sweat equity, and you need to have a thick skin and patience.

Both lenders, particularly the conventional mortgage lender want the borrower/buyer to have personal capital “skin in the game” invested in the transaction3. 100% financing, if obtainable, usually result in negative cash flow, which means capital out of pocket from the owner each monthThat being said, “nothing down” purchases are done, but this depends on the definition of “nothing down”.

For instance, an classic surface capex might increase the market value more than the expenss of performing the maintenace.

So a lot of ways to skin this cat, it just depends on the site specifics and the proposed development impact.

Hi Micheal,If it were mine.HUD gives a 15 year service life for cabinet tops.For instance if the age is 10 years, meaning 5 years (33.3%) of the service life leftI would charge for 33.3% of the cost of the replacement (parts and labor) that I had to write a check for.Owner labor is typically not billed, because you don't cut yourself a check for the labor.Make a point of telling new renters not to put hot pots or irons on the new surface (they probably didn't know any better).Here is a service life list for you.