Supposedly HUD Approved Recently,Comp Roof, and Wood Siding.  

All the townhomes in this neighborhood have staggered roof lines, so I had no problem replacing the roof. 

(mitigated by insurance)4) Irregularly high vacancy rates5) Requirements for a capex infusion...new roofs etc.Thanks in advance!

Some keep you responsible for the roof or structure.

So I'm accounting for around 3-4k a year in my forecasts for reserves for CAP ex relating to  waterheaters, centeral air, siding, roofing etc.

But they can easily turn on you if they are run poorly.I personally love condos, because I don't want to worry about a 20K roof repair, or exterior structure / lawn care.  

Standard repairs (bathroom, paint, roof, electrical upgrade, clean up etc.).

That does not include debt service, but does include taxes, insurance, advertising, lost rent to to vacancy or non-payment, legal expenses, accounting expenses, capital expenses (roofs, furnaces, etc), and property management.   

Replacing roof, HVAC, water heaters, etc. can certainly change the math quickly on a $100k property.That said, if its currently rented you can assume the plumbing and electrical systems are at least functional.  

The property itself is in good condition; new roof 3 yrs ago, 3 phase elec, solid HVAC, 16ft drive thru, 2 roll ups, 2 docks. needs no current upgrades(technically, everything except roof, structure and parking lot is tenants responsibility).