HOA covers a lot of the maintenance cost but it could use a paint job inside, new kitchen appliances (stove, fridge, DW, vent hood), new window coverings, paint on the kitchen cabinets and new flooring to replace dated carpet/linoleum (again, original 1981 owners).

StanleyAny system that uses combustion as a means to heat anything poses an un-necessary risk...regardless of circumstance or cause any failure, diminished performance, or catastrophic failure with heating equipment ( stove, oven, furnace, water heater ) can have devastating consequences As a former public safety official I would never have any devices that use combustion as a means of heating anything especially as a landlord Best wishes for your continued successBob

Here's one from a newb here (Me):    When doing a complete condo renovation, and you replace working but ugly 12 year old mechanicals to be on the safe side; (Heat Pump, Washer, Dryer, Stove, Microwave, Dishwasher, and Hot Water Heater), and decide to keep the Refrigerator because it's "Perfect"...get a new fridge anyway because in 2 months it will die.Ask me how I know. 

Whirlpool Accubake 2004 glass top stove.

But... for some reason I literally got tears in my eyes when I walked  into two single family homes and saw doors literally busted in half, large holes in the walls in every room, walls that were paint a dark brown the color looked almost black, broken windows and broken glass sliding doors, stoves so filthy I have to decide whether it will be less expensive to purchase a new stove vs. cleaning it and carpets so filthy you have to wonder how any human could get them that way. 

@Joe Mende thanks, I bought this one in Round Lake Beach. 

I always provide refrig+stove :)

We also bought them a new stove as their own was barely safe to operate & they were so appreciative.

Or if the plumber with the gas-fitters license hooks up a gas stove, then the tenant drops a jar of seasoning back there and pulls the stove out to retrieve it and causes a leak.

@Brice Hall I think the part you dont understand is you $250/mo # for capex is just ridiculous especially if you run that across a portfolio of many properties, and regardless of the price of the property the capex applies, does not mater id its a $30K house or a New house, the roof (if shingled I use steel one and done) will need replacing every 15 years, appliances, furnaces, water heaters ect, but most of it is cheap, I pay $300+labor say $600 total for electric water heaters, most furnaces are $750+ labor say $1750 total I can usually buy a stove and fridge for $1000, and that roof every 15 years is about $3000-$6000,  yea there will be other stuff, but if you amm it over 15 years your looking at maybe $100/mo what is the basis of the $250 figure?