Year 2 had some large expenses, including some CapEx items (water heater, roof).

I also liked the fact that it was structurally sound with concrete block construction, a tile roof, and high elevation.

Some will succeed at having a roof over their head.

For the first part of your question even if you were working with a realtor, I don't personally know many that have a true pulse on rehab costs and I wouldn't make any investment decisions based on their rehab cost projections.My suggestion would be to study how to evaluate the Big 6 rehab costs: roof, siding, windows, HVAC, electrical, and plumbing. 

"Just a little damage" Walks flat, needs roof and cosmetics. 

We are currently looking at a HUD home in Georgia - I have a couple of questions and can’t seem to find a definitive answer - The home is currently in the OO listing period - our plan would be to buy the home doing extensive renovations (the home is in a “Historical” area so renovations have to be approved) once completed we plan on living there full time - it could take ip to a year to complete or longer I don’t know  - as I see it the OO designation is to be the OO for a min of 12 months - is this after the home has been renovated or after you close on the home - though the house could probably technically be lived in now it does have some water and roof damage and needs complete redo of electrical and plumbing - for me to deem it safe - so not really livable by normal standards - but no way it would be livable in just a couple of months - any thoughts or an actual answer to the OO rules 

What kind of roof is best for your area?

One of them came down this street and tore off the roof of my neighbor's house right across the street Not sure about the apartments mentioned though...

Section 8 demand in Cleveland is through the roof, but unfortunately they don't actually pay that amount. 

Roof, HVAC, water heaters, flooring, etc.