If your roof starts to leak, AC breaks down, etc., you'll have to deal with expensive repairs while hoping your home's appreciation will come out positive.If the market corrects and you have to hold on to the property longer, you could be losing money from having to handle repairs while you wait for the home price to go up.Forced appreciation through rehab is your way to minimize these unexpected costs, not speculative appreciation.

The house was built in 1938, it's a craftsman style home, original hardwood flooring in good shape, original windows but it very good shape, the walls and ceiling had been filled with blown insulation, had a new roof installed in 2017, and the sellers were willing to pay 5k to have the house painted to the color of your choice.  

The roof was replaced in 2010, new asphalt lot and new rolling doors were replaced in 2017.

The entire roof structure needs to be replaced. 

FYI: CAPEX means the long term "capital expenditures" of a rental property such as new roof, new water heater, ect.

Then you can blame the lease when something unexpected happens.The lease/rents will be based on a portion of common area expenses, like the property insurance and taxes, the occasional re-seal the parking lot, seasonal sidewalk clean-up and roof maintenance; plus the upkeep of the tenant's space - spell out who will maintain the furnace and who will pay the plumber when the toilet backs up?

If I end up needing to replace a roof, but the current owner is still carrying the note and paying the homeowner's insurance. 

In saying that I don’t know if you replaced the roof, foundation, or other high priced items 2.

I've been searching foreclosure sights and saw what looked like a really well maintained property with new roof.

In my area most homes were build 2000 or later, so we really dont have to ask about when the plumbing and electrical was upgraded, or if the roof is original.