I am told it doesn’t need any repairs but I am still assuming $5,000 to repaint and anything small to get it sale ready. $20,000 in commissions which if you have a buyer I am sure they would list with you (I think you are an agent too?)

Best part is the company you buy from usually does a 12 month touch-up to fix nail pops, wall cracks, repaint, etc.

Since I only have 25k and 12k would go to downpayment that would give me an additional 13k I could either spend on improvement for the property (outside could use some new asphalt, little landscaping, repaint fences and exterior).

The lower unit needs to be repainted and window coverings redone anyway.2.

I'm going to do must of the repairs myself, paint inside/outside, repaint kitchen and bath cabinets and some new lights.

If paint is peeling and you don't repaint (you wouldn't need to hire a "me" to do that, you can do it yourself as long as it's done in 30 days) you could be held liable because you were negligent.

Also, I'm looking to re-paint most of the walls and kitchen cabinetry as the previous owner chose some colors that I don't necessarily agree with :). 

I think the owner, who's pretty laid back, would suggest we hire a handyman and patch a few places, re-paint and fix the fixtures that were burnt out, and he would think he could get it all passable for $3-5k.

.- updates include:- replace a broken window- add in-unit washer dryer- remodel kitchen- update bathroom- estimated budget: $20,000Unit 2 (3 bd/ 1 ba): Currently Owner Occupied - Rent for 1700- updates include:- update bathroom- re paint to match the unit below - unifying paint colors across all units seems to be a good idea- new door and closet in the third bedroom, currently configured as more of an open office-estimated budget: $10,000

Carpet get dirty on traffic areas, walls need touch up or to be repainted - and all these not billable to Tenants because it's normal wear and tear.Besides, vacancies makes the biggest loses in this business - even repairs are not the number one expense.I'm very reluctant to sign even one year lease and if Tenants go month-by-month without renewing, the rent jumps up to $100/mo on $800-900/mo.The only reason to Rent month-by-month I see as you have huge demand for these rentals which might be because you Rent below market or have extremely nice rentals for the price.I'm renting slightly higher than average market and it might take quite some time to re rent the house.