If you just patch it up, so the condition is comparable to other properties your repair cost will be lower and then you can multiply with .8 or a bit more.Good luck!

The HOA fee was $200+ a month for a 1 bedroom condo, the property grounds were not well maintained, and they offered NO amenities other than a grassy patch where a pool used to be.  

- Lendinghome- Lima One- Conventus- Patch of land - DoHardMoney.com

But in Somerville we have a 1 bed going for $2500, if they trash that 2500 will do a whole lot more in terms of paying for new painting and patching.

I am a landlord in MA and recently had tenants move out and cause damages to my property (soot all over the walls + holes which required extensive cleaning, patching and re-painting).I did have a security deposit, but unfortunately, I was not aware of the very specific security deposit laws in MA. 

Than a lot of patching and fixing wall cracks and primering the walls.

Get another opinion and do t play hardball with them, bc if you force them into this and they don’t make money you’re going to get a patch job, and since you don’t know anything about plumbing I wouldn’t recommend going that route.

Personally, I focus on having sufficient reserves available to get me thru a soft patch. 

.- Exterior paint, interior paint - HVAC and water heater appear new, roof appears new- Interior has some water stain marks, replace drywall patches- Replace kitchen with modern cabinets, granite, appliances- Oak floors downstairs hopefully can be refinished- Replace carpet upstairs with composite flooring or nice carpet - stairs are carpeted!

I've been using the Rental/BRRRR calculator for a few weeks now and I've run into a patch of properties where the stated (from the listings) cap rates are in the 7-10% range but the numbers just don't add up.