I think most experienced investors would tell you to come up with a life cycle CapEx budget (e.g.

Orem has a lot of 1970's homes that are in the life cycle for a new remodel which could add a lot to your equity so that might be a good route depending on your skill set and what loans you plan on doing.

I would definitely factor in the roof though at 15 years old - it is pretty close to the end of it's life cycle. 

Personally I like to specialize on only one phase of the REI life cycle and locally this is no longer it.

Usual lifecycle of a property should be to improve the property to reach the NOI goal which depending on the size and price may take from 2 yrs to 7 yrs, but once it hits the NOI, start preparing to sell that proprety and lookout for the next best investment.  

They're all going to have value depending on where you find yourself and what stage you are in the "life cycle" of an investor.  1.

Why use four companies to cover this lifecycle?

.), determine what the cost to replace them all will be, estimate the remaining useful life of each and then figure out how much to set aside each year so when those expenses arise, you have the funds to pay for it as opposed to reaching into your pocket or taking from the repair & maintenance budget.During the initial ownership period, you likely have to over fund the CapEx budget as you are not getting the full life cycle from these items.

But I am intrigued by the idea that I could also find a sweet spot in the ownership timeline, where I can sell after the note has been paid down quite a bit but before typical major lifecycle repairs & maintenance costs come around. 

@Amr OmarI think a good way to look at owner occupied investments is in terms of life cycle cost.