For foreclosures, you reverse engineer.

Its not balance your not going to replace a 3% loan payoff with a 8 % new origination in today market.

There's no way to guarantee things won't break, there are only ways to protect yourself financially so you can replace those items.

I personally would have to have one of the windows replaced before I'd feel comfortable renting it, but that's just me and based on personal experience including a traumatic one from childhood in watching the apartment building next to ours burn in the middle of the night.

I am replacing all 4 toilets.

I will buy a replacement property at $1M, with $500K down.

Yesterday I was talking to and architect and engineer who is owed money.  

And are you asking for replacement value or actual cash value?

I'd recommend the spread on the return and your ability to replace damaged items (local vs. not local, strength of your team) be the determining factors in that decision.

If you are getting ready to sell, you should replace the roof, not patch it.