We got several quotes for cleaning and repairs, which added up to almost $4000 beyond normal wear and tear.

Also don't forget to get an extra bank account for security deposits and set aside money for repairs.

In the lease agreement, I would also add a clause that any "call outs" will require the tenant to pay for the repair/fix (unless they or handyman can conclusively prove that the landlord should pay for whatever is broken or is in need of being fixed).

I recently used a HELOC for a down payment and for some repairs.

I know you hate losing earnest money, but imagine closing and finding a lot of expensive repairs on this house.  

Try buying a MF in E Clev, good luck there is no inventory for a reason :)  Again I am going by my 10 years of doing 100s and 100s of deals there, 1ks or reno/repairs, 1ks move in and outs working with all the govt agencies.

Almost no repairs were requested.

Some common OVERLAYS are:Credit ScoreNot using Rental IncomeSeasoningLoan MinimumsMaking us have more downpayment than neededNot using “After Repair Value”Limiting the number of loansRequiring more reserves than neededAnd plenty of others tooSo imagine you are trying to use the BRRRR method on a property and your lender states “We can’t use the ARV until after 12 months, we can’t refinance until after 12 months, we can’t use rental income until it is on your tax returns, your loan amount can’t be below $100,000, and we will require you to have 30% equity in your property”.If that was the case we couldn’t do the BRRRR method - ever!

As I prepare to use an FHA loan for my first multifamily investment, I've become concerned about the extensive repairs that can accompany purchasing an older model.

It was intended as a fix and flip, and our original exit strategy was reached. we bought with hard money then did a refi to convential because repairs became drawn out and rented for some cf to by is time. we ended up selling for 405,000 and our loan balance was 235,000.