under mount granite or quartz counter tops.. water closet  heated floors ..

Indeed, where we pay a REALTOR commission, we are initially under water, but look at the long- term probability the rental will remain in the system.

First you need to learn to separate the following:Maintenance: usually things related to wear & tear or tenant damage.Repairs: usually broken items like doors & windows, caused by tenant or nature.Capital Improvements: usually expensive things that wear out: hot water tanks, furnaces, roofs, etc.The seller is correct that Repairs & Capital Improvement items should not be a factor for awhile (ALWAYS get your own inspection to confirm).

Further Evaluation (Professional based)Comment 2: Yard wetComment 23/24/25/26/27: Electrical WorkComment 4/5/6/7/40: Glass repairs/sealedComment 28/29/30: Hvac repairsComment 49: Chimney inspected/cleanedRepair (Handyman based)Comment 3: Vegetation removalComment 12: Leaking hose bibComment 13: Sewer cap replacedComment 19: Door knob replacedComment 22: Replace all batteries in smoke detectorsComment 38: Replace clamp in sinkComment 39: Replace dishwasherComment 41/48: Dry wall prepareComment 44/47: Door repairHave you decided on a property manager yet?

NJ investor myself - happy to help you navigate these unique waters! 

I generally agree that buying SFH as first investment is an easy way to test the waters; however, if you’re set on REI I suggest buying a duplex or quad.

However I have had to replace some major appliances recently which had put my in the defecate and added to my motivation to sell (Hot water heater, two refrigerates and a washer/dryer).

What water source is in that area?

For sure PG&E requires this for gas and electric, and I think most jurisdictions require it for water and sewer as well. 

You can lead a horse to water but you can't make the horse learn math.