Stepping way outside of your expertise is how many investors got their heads taken clean off during the last recession.

This encourages them to pay the last month of rent and leave house clean so that they get their large deposit back.If they get behind or break the lease, this extra helps offset what they owe plus any damage or cleaning you have to take care of.It is a small percentage of the time that someone turns in a 30 day notice and leaves the place clean and undamaged to get their deposit back.

@Steve Vaughan  also very much depends on where in the US it is.. and what your tenant base is..some tenant bases around the country are peach's and cream and not tough on property and pay on time.and rarely does  a unit go vacant one moves out 3 to 5 days to clean and turn it another moves in.in other parts of the country tenants move a ton.. are tougher on the homes.. bigger credit risks IE don't pay and it can take more money to turn them over  and longer time finding new tenant.. so it depends.. but 50% is a good rule of thumb if your having to hire it all out that's for sure. 

PS I plan on doing all the cleaning and management on my own so I at least wouldn't be paying someone for that.Any advice is much appreciated!

They take care of cleaning, marketing, reservations, etc. 

There is the base rent, which may include the utilities, plus the pile of expenses that may help the tenant have success in their business - like new carpet that the LL might pay for in the beginning and the tenant agrees to pay back over the life of lease, by a wee bit more rent every month.Sorry, your link is behind a pay wall, I cannot read the data.

First though, we'd like to up the value of the house by remodeling the kitchen and bathrooms, also replacing the carpet and vinyl floors for hardwood.

Paid cash,  closed 7/31,  it needed only carpet and blinds,  it was ready in a week because the carpet was measured the day of closing.  ($30 to measure,  risk worth taking.)  

My client has cleaned up all the trash/crap the tenants left and is planning to clean inside and paint a little to make it more presentable.

For the record, we are perfectly clean people.