There are in fact a lot of unknowns with the project, I just don't understand that if the items are already padded for his profit, why is there a % as well?

Used ones generally need tires , brakes and lights fixed .

If you can't finish it within 21 days after vacancy, send the tenant an written estimate from the contractor with some padding along with the remaining deposit, and send the rest when the repair is done.

All this can be very daunting, but remember you want to be ahead of the game before you start.Your reputation can make or brake you.

Moreover, Did you provide felt pads and tell them how to care for the floor?

It screams bachelor pad and limits the occupation to a singleton or a couple.

An 8% cap rate according to a seller is rarely a TRUE 8% cap rate, because numbers are padded or not included 100% of the time.

Odors tend to transfer to the pad overtime as well so the best course is to rip out the pad (remove the carpet in a way so you can reuse it), replace pad, retack carpet and the next day get the carpet professionally shampooed. 

I worked in a garage that offered lifetime brakes on cars everyday.

To get it in that condition would be roughly (and I've estimated high on all of it)Upgrade to hardwoods on second floor, and refinish first floor. 12KPaint interior 5KUpgrade appliances and plumbing fixtures. 5KUpgrade electrical fixtures (some have been upgraded to stylish black wrought iron look which is popular here) 2KNew HVAC first floor (second floor HVAC replaced already) 5KLandscaping 5K (this may be really high, but I figure it pads the other numbers in case something comes up)Total rehab 34KSo we've had some investors come and look at the house and offers range from 290-300K.