Discussing options with my wife, we are looking to take ownership of the house, make some much-needed repairs, and getting it rented out.

They should have also gotten approval from you before charging and doing repairs.

Washer/dryers are often abused, so there's the initial cost of purchase and the risk of increased repairs.

With my own portfolio I generally underwrite with 10% for repairs, 10% for cap ex, 5 percent for vacancy. 

Repair costs in first 1 month of owning (this is renovated house done by seller, not me.

If we rent the unit at $1,425, I have an estimated monthly cashflow of $302 (rent at $1450, cashflow is $325) I DO include vacancy, repairs, and cap exp in my Box2 Expenses.

What is your draw fee & benchmarks for the repairs portion of the borrowed money?

The truth is, they will keep playing games and milk you for every penny they can, then they will leave the house a mess and cost more with cleaning, repairs, and vacancy.

Hey Christine, I might be biased, but you could look into Cleveland, Oh.Here are a few things to consider against investing there:- Slower appreciation compared to some other markets- Harsh winters, which can lead to higher maintenance costs- Many discounted single and duplex might need repairs or updates, especially if the previous owners haven’t kept up with maintenance over the years- Some local regulations to be aware of (nothing crazy, but worth noting when trying to close deals).But there are also some solid reasons to invest in Cleveland:- Affordable properties in the $100K-$300K range- Strong long term rental market due to a high rent to price ratio- Landlord friendly laws overall- Potential for great cash flow- Opportunities for Section 8 tenants- stable market once you have the right team in placeEvery market has pros and cons so it comes down to your budget, risk tolerance, and finding a reliable crew you can trust.

Account for all costs, including closing fees, holding costs, and repairs.