The new construction is obviously not going to need any repairs, better not need any capital expenditures (except a fridge if the new house doesn't come with one, but Best Buy offers extended warranties if you buy one).

I also had to spend hours scrubbing food off the front and inside of the cabinets, and under the fridge and stove, among other things.

This was basically proven to be true when I visited the property and the fridge was stocked full of beer, wine, cheese, fruits, etc.

Only new appliance is the fridge.  

. - Got a tenant a new fridge last year and she bailed a months later - maybe the anti gifters are onto something here... 

We then spent about $1750 on the fridge, dishwasher, stove, and AC window unit.So, if you consider a purchase price of $2000 for the house ($12k / 6 units), we have spent a total of approximately $22,000.  

Floors, roofs, foundations, walls pipes, toilets, cabinets, fridges, water heaters, and utilities break down over time. · Deprecation is the amount of real capital that needs to be put back into the business in the future. · These are costs that must be factored into the portfolio over time.

Is the fridge a low-end unit you can find at any home depot for a few hundred bucks, or is it a luxury sub-zero unit worth 15k+? 

For example, 2 years before we placed our house into service, we installed a new patio and driveway and purchased a new fridge.  

Highlights include a 30 dollar ss bosch dishwasher, a 460 dollar side by side ge fridge, and the engineered hardwood in the foyer (80 sq ft) + underlayment for 100.