It needs a roof, electrical, and a few other small items and I don't think my traditional agent will bind coverage from what everyone is telling me.

You can loose a year of cashflow very quickly to unexpected roof repairs, furnace or air conditioning replacements or even exterior painting for a random C of O inspection or a shocker come tax time.

I need paint, flooring, and maybe a roof (depending on if the insurance company will let it fly).

Not a fan of having 10 roofs, 10 HVAC systems, 10 yards, 10 gutters, fences, driveways, etc though.

Found a 4-plex in residential area (population <3,000) about 45 minutes away.Purchase Price: $92,000 (MLS) Bank Appraisal: $99,000 (appraised "sale" value)Mortgage: 20% Down, 5/15 ARM (self-employed, first mortgage)Rent Roll: Full occupancy = $2,050/mo; currently = $1,630/mo (3 units with long-term tenants, studio unit vacant)Roof: No leaks but needs shingles in 1-3 yearsHVAC: One gas boiler, hydronic/radiant heat and hot water; no ACOther: 2500 square feet. 

@Vincent PlantIt sounds like your cash flow is slightly less: consider setting aside 10% of the rent for repairs (paint, carpet, plumbing, etc.) and 10% for capital improvements (new roof, new HVAC).Consider paying any debt with high-interest rates (anything greater than your cash on cash return).Save the balance for your next deal.Good luck,

Duplex has new roof, vinyl siding, newer furnaces and central ac.

If you don’t account for this upfront and a washing machine goes up, then the roof needs redone in 4 years, or the garage door needs replaced- that will eat into any cash flow you have built up for x amount of months.

The lender won’t escrow repairs having to do with wood rot and roof issues.

We knew we would make a good chunk of money off selling our first home, therefore we wanted to put that profit towards upgrading some things on our new house (metal roof, hardy siding, etc.)