I'd passNot enough there for me to have confidence that deferred maintenance and unforeseens wouldn't eat up your profit.

Unforeseen situations such as buyers bailing on the deal or lenders not qualifying buyers are out of your control and will delay the sale of your house by months as was seen in this deal.

You're right - they're asking $330k plus I'd want $20k for upgrades and unforeseen repairs.

On top of that, unforeseen conditions, that can cost monies not figured into budget.

I structure my rents to be able to cover for repairs, including unforeseen repairs so really when you look at it, they are in fact paying for it, just not regularly as you state it here. 

Or you can hire a contractor to deal with it all but expect a fair amount of unforeseen costs and bumps in the road. 

Based only on the information provides I would say the answer is a big "depends".If the landlord is making genuine effort and has run into unforeseen problems he could justify the delays.

Alnie,This is an unforeseen circumstance.

You should, however, ask for an hourly rate in addition to the base bid in the event something unforeseen arises which inevitability will happen.

If yes, it looks like you're breaking even (put money aside for vacancies, maintenance and unforeseen repairs) or coming out ahead.You can always explore raising the rent after the lease is up.