My estimate includes carpet ($4k), cabinets & counters ($2k), fixtures ($1k), water heaters ($1.5k), Refrigerators ($2.5k) and Stoves ($1.5k), plus contingency ($2.5k)Future CapEx: Likely HVAC ($3500 per) and water heaters ($700 per).

Assuming only the 3 bed 1 bath units, I've figured for each unit:$1,000 in flooring$1,000 in doors and trim$100 in paint/stain$2,000 in appliances, including stove, dishwasher, refrigerator/freezer, microwave/vent and water heater$2,000 in cabinetry (Home Depot pre-fabricated)$1,500 in electrical work$4,000 in construction$1,000 in plumbing$1,200 in miscellaneous$900 in sales taxI know things like flooring, appliances and cabinetry are probably light, but I have a bulk deal with Home Depot that helps quite a bit.  

Talk to Bray and Scarf and several of the other local places and see what kind of discount they are willing to give you on 10 stoves.

So in my houses, we only supply and would fix a stove but if any other appliances are in the unit (including washers/dryers, refrigerator, etc) it's on the tenant to repair.

The electric company plugged in the new meter and drove off, the fire started shortly there after (no interior inspection occurs and the tenant doesn't have to be home).The investigation identified the kitchen stove wiring as the source of the fire (I personally think the stove may have been in use at the time of shut-off and was left on so the sudden restoration of power caused arcing), wiring was not ruled out so an electrical inspection was required by the city and they concluded all wiring in the unit (romex) would have to be replaced due to ambient heat exposure. 

Washers dryers, fridge stove microwave, toaster oven, coffee maker, pots and pans, dishes and all utensils, bedroom suites, sofas and recliners, end tables, coffee tables, night stands, old style televisions, gas and charcoal grills, the list goes on.What I buy new: linens, towels, pillows, HDTVs.My STRs are for short term working people at a refinery.

No claims of discrimination No escrowing security deposits No lease agreements No maintenance calls No noisy neighbor calls No police calls No snow removal/lawn mowing No slip and fall claims No checking for unauthorized tenants No pets to worry about No rents to collect or bad checks No notices to hang on doors No property inspections No modifications to meet codes No tax reports RE Taxes No personal property taxes on non-real estate items (free standing stoves, etc.)

A broken window, replaced water heater or new stove all cost the same in a $25K house as in a $100K house.

Work will be moving some large furniture--beds, sofa, fridge, stove, computer table, washer/dryer.

Optional need: a bulkhead into the basement if owner occupier lives upstairs so as to avoid having to go through the lower unit to access the basement.When seller was owner occupier of lower unit, the Rent he collected for upper unit included all utilities (gas for heat/cook stove, electric) except trash removal and cableHere are the numbers I used:Total Square Footage: 1,800 sq/ftAsking price: 340,000Annual property taxes: 6600 Purchase Price: 325kAfter Repair Value 325,000 ?