Items such as this that could be easily replaced by almost any LL at a very minimal cost, will turn into a $135 aggravation at best if you overlook it!

Very few non-owner occupied property policies guarantee full replacement cost - they typically provide replacement cost up to the dwelling limit purchased. 

@Jay HinrichsI try to avoid historic districts at all costs.

-While rent would be more expensive month by month, the idea of being able to take my equity out of my home and also being able to reduce annual repair costs, property taxes, etc. does seem appealing to me. 

.: Cost of risk scenario. 

When a water heater breaks at 9pm on a Sunday I get an email saying it happened, it’s been fixed and it cost $1200 give or take.

He told me that without installing a sump pump system (at a cost of $12k), the foundation will continue to deteriorate, which could eventually lead to bowing basement walls—an issue that could cost upwards of $50k to fix.The inspector asked if the previous homeowner disclosed any water damage.

Was cash invested including rehab costs?

If each property costs $200,000 and your only acquisition cost is a 25% down payment, you will need $850,000 (17 × $200,000 × 25%) in savings, an almost impossible amount for most people.

One month of vacancy will cost you $2,600 + $200 utilities.