Even with bare bones fixes (repaint etc.), it easily gets to 2K with HW charges.

My plan was to pressure wash the walls, Drylock the seeping areas and repaint all the walls with a mold inhibiting paint. 

Not accounting for vacancy, maintenance and capital expenditure funds each month is being shortsighted: sure you might make a few hundred dollars each month, but when there's a vacancy and you need to spend money to replace carpet and repaint and then the roof needs to be replaced, you could end up losing big for that year, so you need to be preparing for those things and accounting for them in your projections.

We just had someone move out of the unit two days ago and the space immediately rerented for $550/mo with ZERO downtime and repainting a couple of walls.

Think new furnace or hot water heater, repaint at turn-over, new roof, and etc.There are some tax benefits you haven't mentioned but consider that gravy.Each month tenant's rent adds to your equity, in the long run you will have a paid off house.

Each time you have a tenant leave there is repainting to do either yourself or hire it out($200) If they put holes in the wall or were slobs throw in another $125 for cleaning, another $60 for hole patching depending on the size.

While they lived there, they realized that the carpet was not going to hold up to wear and tear (it was a new condo with very light inexpensive construction grade carpet) so they replaced the entire floor with laminant flooring except the two kids bedrooms.)When they moved out, I needed to go in and replace the remaining two rooms of carpet and I needed to basically repaint the entire condo.

He was warning me, though, that I could expect those kind of complaints on the properties I was considering.If there is flaking lead paint, then ask that the landlord clean it up and repaint before they move in.Weatherstrip leaking windows.Clean up the mold in the bathroom.

Michael Seeker Elizabeth ColegroveThe house is a 99k rental and as much as I would love granite I'm thinking more laminate or a repaint.

Not too concerned about lead paint as the whole house has been repainted inside and out.