These are the big ticket items that will significantly impact cash flow. 

There are openings in the upper west exterior walls where electrical conduit was removed.10.The stucco in these areas has not been repaired to prevent moisture penetration and deterioration.11.The front unit has issues flushing the toilet, which was confirmed with a tenant, so camera scoping of the drain pipes was performed that revealed damages and blockages in the pipes.12.Deferred maintenance on multiple items: cracks around windows and pipes, gas pipes are not supported, pilot lights in heater units were not lit, a water heater unit has no ventilation.I hired a plumber to scope the pipes (please see his report in the invoice attached and photos); a roofing company was hired to assess the damage to the roof above the middle unit only (please see proposed work sheet); a general contractor has inspected the settlement of the wall in the second unit due to the damaged frame.

Now, you didn't mention CAPEX (expensive items such as roof, HVAC, hot water heater, etc.). 

My mortgage to income (>40 of my income was going to my mortgage) would leave very little room for fun items or unexpected expenses. 

College students are not the best at taking caring of expensive items.

Invest well and don't lose moneyItem 1 is far more important than item 2 for most people.  

Many items are simply removed because there is no way to actually clean them.

I removed non-useful items and added some bold:"5.

I am in the process of buying another property but I want to check a couple of items in detail.

You have to supply an itemized bid for the rehab, list of contractors, as well as a history of your company and the contractors.