I have not spoken to the owner yet (but will) but my friend also said that the property has had full vacancy for over 3 years (mostly elderly people), Utilities are metered individually, refrigerator, gas range, washer/dryer hookup in each unit.

There is a stove and refrigerator being left with the property but those most likely will be replaced.

Remember that anything that is porous is going to absorb water and is suspect until proven differently. 2)Once the demo is complete, you need to dry out the house with commercial air movers and refrigerant based dehumidifiers (like Serv-Pro uses).

If you bought a refrigerator from someone that is different or a furnace then let a receipt be enough for items u buy.

I get matching Whirlpool appliances for about $550-$600 for a stove, refrigerator,  dishwasher,  microwave,  washer and dryer. 

Good points mentioned by others about multi-family properties vs single family homes.Pet hair gets into the HVAC system and even appliances such as refrigerators and ranges.

Also make sure your HVAC guy gives you a FREE followup on the a/c as by the time summer is here you make find it low on refrigerant because of the winter install.

I was cleaning up a rental that I have , its on a wooded lot , I move the refrigerator and there is a 3 foot black snake laying there ,I pick it up no big deal , But when I came up behind the guy helping me and said " here hold this " and this 50 year old guy screamed like a 12 year old girl , ran out the door and called me every 4 letter word ever created , it took me about 15 minutes to stop laughing .

These are 5 attached 3 bedroom townhomes and 4 individual SF homes all on 1 acre of land.Please let me know if I am forgetting anything.Rent: $8,875.00Units: 9Maintenance $1,331.25Vacancy $443.75Property Manager $621.25Insurance $484.47Utilities $150 (calculated at 85% recapture on RUBS for water, gas and electric metered separately)Landscaping $300.00Advertising $73.96Ongoing Capital Expenses $887.50Taxes $702.63Purchase Price $385,000.00Rehab $78,100.00Holding Fees $17,750.00 (2 months rehab, some will rent sooner)Closing Costs $3,500.00Cash out of Pocket $484,350.00Additional ideas for extra income:Pet Rent - $10 per month per pet (the property has a huge green space for pets that I may actually fence in as a "dog park")Appliance Rental - $25 per month for w/d, $15 per month for refrigerator (I actually ran across this idea looking for my son an apartment recently)Property also has a big playground that I may remove -- not sure yet.Please let me know if there are other expenses that I am not calculating (hopefully they are small :))

One other theory that I have is that the more heavy things a tenant brings into the rental like refrigerator, washer, dryer, grand piano, the longer they stay because they know how hard it is to move all that heavy stuff again to another place.