Quote from @Stuart Udis: My comment has nothing to do with comps and your decision to make the repair shouldn't be comp influenced either.  

Mine rented in less than 15 days.)All in all, that gives me $140 a month for vacancy, CapEx, and repairs.

Neither have time for manual follow-up, paper Contracts, telephone interviews and other procedural steps typically required to complete a deposit and booking.

Quote from @Tomoko Hale: Quote from @Bruce Woodruff: My thoughts: If you are going to use a PM, hire out the cleaning and any maintenance/repairs, you will be giving away 30+% of your income.So you need numbers to put on your spreadsheet.....1) what are you estimating for your nightly/monthly imcome?

Any repair issues the new acquisition has you will feel to much greater magnitude due to the property carrying a lot of debt.

Often times they come back with a list of repairs that they would like to see to protect the home or mitigate liability. 90% of the time those items were on our list to fix anyway, and sometimes we even haven't done before we get the letter from the insurance company.

. - RentReady repairs & vacancies between tenants can blow any projected ROIs.2) Warren Buffet - go where others aren't.

it does allow you to repair things outside of the home to a limit. 

since purchasing the property with a 10% down portfolio loan through a local bank, I have done extensive repair work and renovations.

I used 401k loan to get money for down payment and repairs.