If the property does not require an extensive rehab and just needs cosmetic repairs then a standard landlord dwelling policy in most cases depending on the carrier.

Basically/Hopefully that is watching rents hit your bank, and occasionally calling a repair service as needed. 

it does allow you to repair things outside of the home to a limit. 

I used 401k loan to get money for down payment and repairs.

A more realistic expectation is 24 hours which will ensure we can arrange any repairs or corrections with a team, handle it in person, etc. be curious how this plays out as I worked for local developer for a while and developed several properties in Alexandria (Specifically old town) and while the city is challenging like any city - they were mostly realistic.

we just see new investors in the forums blown away when they hit their fix big capex - a new roof, a new furnace, a driveway repair, a couple appliances going at once. 

You'll still have plenty of money to do a duplex/quadplex and give you breathing room (what would you do if you needed a large repair on the rental?).

Quote from @Stuart Udis: My comment has nothing to do with comps and your decision to make the repair shouldn't be comp influenced either.  

Your homeowner policy may cover minor repair work but probably not a large construction project. 

Even with the mortgage paid off, some of the $2000 in rent will go to maintenance, repairs and property taxes.