A key component is a reliable NOI, which does not exist on a vast majority of single-family homes because they are entering a market to produce and NOI for the first time.  

Other quotes on here are probably closer to what is common if just replacing the pump and components.

I usually don't give major consideration to the component replacements, though i do track the age of furnaces, hot water heaters and roofs on every property with a spread sheet. 

I would increase the CapEx amount to 10% until you can verify the current condition of all major components and appliances.  

@Chris ChesserTake a closer look at the time component when analyzing the school option.Most students spend about 15 hours per week in class.  

As a good rule of thumb, if you take your gross monthly rents from the property you are buying and multiply by 75% and the resulting number is still greater than your monthly PITI plus any HOA payments, you should see no detrimental effect to your DTI for future purchases.

In that sense, price is merely one component in a series of components that can and do affect the out come of a trade.  

But its often to the detriment of the seller because the wholesaler makes the property undesirable by inflating the price to make a profit. 

What are some key components you guys include in your lease agreements?

This historical committee must approve the key component of the remodel.