In total, the cost for all repairs came to $11,000. 

I couldn't imagine managing a property from out of state unless you had an extremely strong team of people in your market to help with showings, inspections, repairs, etc.

you get 140K minus commission minus closing costs minus repairs etc.so that's the risk - the appraisal of a BRRRR is the wild card (which you probably know!) 

Repairs will need to be done prior to closing.

Over time we made repairs and added on to the house.

I know we typically charge 5 percent of vendor maintenance and repairs but 10 may be the norm in your area.

My biggest REI shortcoming is that I am not an expert on construction, carpentry etc and I know I have been taken advantage of a few times in terms of inflated repair costs.My biggest lesson from this is to collect 2-3 quotes for large jobs before awarding the project to any contractor.

So repair costs are $18,000.  

Shoot for something that is outdated and needs cosmetic repairs.

He tells me the property has been vacant since October 2017.Note that Oceanpointe deposited rents from October 2017 through March 2018.3/28/2018 - I sign the contract to change PMs to Wilmoth Group;4/2/2018 - The Wilmoth Group PM sends me many photos of the destroyed property, including what appears to be an abandoned stolen vehicle on the premises; they estimate a cost of $12,000 to $15,000 to repair all the issues; PHOTOS4/2/2018 - Reply from Clayton promising to make needed repairs4/3/2018 - Clayton Morris emails me that he is checking out the house this morning with his team; that it’s a good property and that OP will fix it on their dime.