Currently it is my view that their performance is enough to barely justify the additional work involved.  

In summary you need to be committed for the long term which can get tough when rent barely covers PITI at purchase and you get a large cap expense.  

It would seem that the ROE would be barely breakeven for the first couple of years.

Even with having close to $200K In equity per property throughout the portfolio she’s barely breaking even after mortgage, taxes and insurance.

bare bones website  no mention of he staff or principals.. so maybe.. just dont send up front money .if they hound you for up front money then you have your answer

There's barely any inventory for a reason.

There are lenders who even if you haven't filed your taxes can use the income to offset your PITI, which should barely raise your DTI, especially in the type of example that you mentioned. 

Does your customer think you barely meet their expectation?

., you might be cutting it way too close to really do anything. 15k is the bare minimum I suggest for reserves or oh no money on any project so that doesn't leave you a ton left to work with.As @Glenn Banks said, 203k is probably your best option because it's an FHA loan and you can do low money down and the reno is baked in, but the reno is complicated.

Last year I barely made any money after all expenses were paid.