Account Closed thank you Dawn, you just sum it up pretty nicely.

The contract specifically laid out ~$8k in electrical and plumbing work.Upon moving in I found multiple wiring issues, such as the built-in microwave, kitchen count circuit, and dishwasher all wired to the same breaker so it blew all the time. 

-Refinishing the wood floor upstairs, while replacing the cheaper laminate downstairs with some sort of wood flooring (suggestions welcome)-Building a closet in the bonus room so it can be officially listed as a 4 bed 2 bath-Redoing the kitchen entirely, removing cabinet space to install a dishwasher and reposition stove, and then constructing an island.

Over the course of 15 years, the property needs:RoofFurnace / ACCarpet (maybe twice in a rental)Stove, fridge, dishwasher (maybe twice in a rental)Water heater (maybe twice if gas)Paint the exteriorPaint the interiorProperty has vacancy and management expensesTotal up all these expenditures and you end up with another 2-3 hundred dollars a month in expenses averaged over the 15 years. 

As I was considering this area, it dawned on me that a good shortcut would be to take note of what businesses are in and around the area. 

@Dawn Brenengen Yes thank you Dawn, I have been going through the site and a lot of forums and reading a few books.

Something to compare to.But I don't ask him to run 4 dishwashers or 4 sets of laundry. 

Exposed hardwood flooring, added granite and tile kitchens to both units, upgraded appliances (added dishwashers), exposed brick wall in first floor unit... some sweat equity and small contractor projects.

Exposed hardwood flooring, added granite and tile kitchens to both units, upgraded appliances (added dishwashers), exposed brick wall in first floor unit... some sweat equity and small contractor projects.

This can include a dishwasher, washer, dryer, water heater, etc.