Our biggest climate risks in central Texas are typically wind and hail, so anything of concern regarding the roof could get an applicant declined including trees too close to the roof surface, roof over 10 years old, etc.

In my area you have to strip the roof shingles at a minimum . 

Reeti, Great idea in checking on this aspect of the process.

I hope you or someone is at least keeping an eye on your properties for break ins, squatters, roof leaks, temperature control, frozen pipes (if in cold climate), if you have a basement and sump pump goes out leading to water damage etc.I just talked to two investors in California that have let their properties sit vacant (no mortgages so paying property taxes and insurance).

A roof on the 600K property will cost more than on the 300K property, but you have more roofs to repair on the multiple 300K properties.

Pro tip--make sure your exhaust fan in the bathroom is vented to the atmosphere--meaning out to the outside.....go out the roof or out the side of the unit or secured to an opening in a soffit vent grille off the house. 

Large basement and attic space, new roof and some of the kitchen is already torn out from the current owner. one bedroom does have a closet that will need built. plumbing seems fine, maybe a couple angle stops to change.

i don't recommend buying a random property in a random midwest state for $118K that looks great but actually needs a new furnace, a new roof and a new sewer line, and will crush you with capex and make you sad.hope that helps. 

You have the mortgage, taxes, insurance, maintenance, capital expenditures (roof, flooring, etc.), and also need to consider the cost of vacancies or bad tenants.I also recommend you charge market rate, for yourself and the tenant.

The worst experience we've had was with a flat roofer (very common roof type in Chicago) we finally wrapped up, after waiting almost two years for them to finish/fix something.