for some one in Cali, you may not think of things like like tenants moving out in the middle of the night in January turning the heat off,  and opening the windows, Ive seen quite a few properties with busted pipes that look like Ice Caves a few days later, also snow removal ordinances, most municipalities will remove snow for you after 24-48 Hours after a snow fall if you or you tenant dont, it will be charged to your tax bill, at a rate of $200+ dollars per time,  just stuff to think about

The primary goal is strong cash flow, appreciation is just the icing on the cake as far as I'm concerned.

As opposed to a blue room where some buyers may not have a boy or like blue, the tans, creams, and other earthtone colors are welcomed by almost all.One other thing I see some rehab flippers do wrong is do crappy work on certain items.

Turnkey is about reliable, passive cash flow, not appreciation (we call that the 'icing on the cake'), and you do give away a piece of your return for the luxury of having someone else do all the work, but you shouldn't be buying a house with negative equity (paying a lot more than it's worth).There are a billion other things you should keep in mind when looking at turnkey, but I've rambled enough.

Or if the other tenant slips and falls on ice because the other tenant didn't adhere to his lease responsibilities?

My Minnesota real estate license is currently on ice and I'm considering bringing it active again. 

If you can make money using worst case then the rest is the cream on the top.Good Luck

Since it was repaired, has it made it through some winters with significant snow or ice loads?  

Take the copy and black out the private expenses to the bars, strip joints, massage parlors, X rated site memberships and other personal expenses that you may not want aired to any auditor, leave the amount of the expenses so that the statement can be audited as to balances, the statement is your receipt of payment and it balances to beginning and ending balances.

Gotta go, I ws just handed a big bowl of ice cream!