Then, I would add a contingency for any necessary foundation repairs uncovered during due diligence shall not exceed an estimated 10k (or whatever number you arrive at that still meets your criteria).  

Inquire.If it needs light rehab we've found tenants actually love the idea they'll be moving into a unit with fresh floors, paint, etc.

The house has new vinyl siding, fresh paint and a metal roof that was serviced about 7 years ago.

In other words, even if a property is freshly remodeled does NOT make you immune to all those expenses ... if you hold onto the property long enough (as you well should as a buy and hold investor), then sooner or later those items are going to need to be replaced and are going to cost money to replace ... if that money does not come from CapEx reserves taken out over time as a CapEx expense in the budget, then where else would the money come from?

Your cap rate to cost might be higher than you can purchase existing in the marketplace.Some buyers are looking at older buildings touting ( new rehabs or freshly updated ) with optimistic numbers from a seller.

The tech came in on Sunday 1/29 at 7 am as she couldn't make Sat, and uncovered that one of the parts needed to be replaced but suppliers are closed on Sunday, so he couldn't get it that day.

Getting involved in real estate investing can be intimidating at first when you are so fresh, but in my opinion, with this site and local meetups you will find super friendly and helpful investors.

The seller answered my first batch of direct mail to tax-delinquent owners and wants to "move on and start fresh" from her childhood home she just inherited from her mother.

Exterior has actually been cared for, however we probably need to give it a fresh coat of paint and repair minor damage to the chimney.Guesstimating close to 100k in work if we used contractors to do rehab.  

But if the flooring itself is in disrepair (bad planks, wide gaps between planks, deep water or pet urine stains, holes, etc), usually it's best to just start with fresh flooring.  500sft isn't a huge area to replace.