So all in, including some priority repairs we'd want to do aside from the basement, we're looking at about $750k on this house. 

I added more cabinets in the kitchenI added a handrail to steps in the rearI had new cement poured on sidewalk, porch and drivewayI added new storm doors to all 3 doorsI added new cordless, faux wood blinds throughout homeI repainted and repaired detached garage Lessons learned?

These are some of the ways the clients could be affected by property managers who are not prepared: Extended VacanciesInadequate marketing strategies and tenant screening processes can result in prolonged vacancy periods, translating into substantial lost rental income.High tenant turnover due to poor resident relations further exacerbates vacancy losses.Inadequate Maintenance and RepairsNeglecting preventive maintenance and delaying necessary repairs can lead to accelerated property deterioration and higher long-term repair costs.This can also negatively impact tenant satisfaction, contributing to higher turnover rates.Legal and Compliance IssuesLack of knowledge or disregard for landlord-tenant laws and regulations can expose investors to costly legal disputes and penalties.Failure to properly handle security deposits, evictions, or fair housing practices can result in significant financial liabilities.Ineffective Financial ManagementInaccurate budgeting, expense tracking, and financial reporting can lead to uninformed decision-making and missed opportunities for cost savings.Failure to optimize tax strategies and leverage available deductions can further reduce net returns.Diminished Property ValueInadequate maintenance, high vacancy rates, and poor tenant screening can negatively impact a property’s perceived value and appreciation potential.This can significantly affect the long-term return on investment when it comes time to sell the asset.While a 10% management fee may seem reasonable for a well-performing property manager, the cumulative impact of mismanagement can quickly escalate the effective cost to investors, potentially outweighing any perceived savings on the management fee itself.

Purchased from various auctions, short sales, wholesalers and just lowballing on MLS. 1ks of renos/repairs, 1ks or so move in and outs, expert on all govt programs and more.

In the past I have repaired rotten siding and window trim with fix-it-all.

Usually it is about the security deposit or the landlord failing to make repairs under the lease. 

And that’s what ppl think they can find if they listen to real estate podcasts that set improper expectations (and really just want them to spend money on their products/deals)That being said year 1/2 can be rough with unexpected (should have expected) repairs from the prior owner.

Property management $150, repairs $100.

Cost to repair is very cheap. he key for this is to find land/home that has large lot and home built around 1950s.   

That is outside of any repairs & maintenance.