Purchase price: $59K, April 2015, Actual Monthly Rent $995 to $1050, Current ARV: $86K Zillow and RedfinMoney spent: May 2015: $12K bath & kitchen & floors improvementJune 2015: $4100 new sewer pipe (June 2015)July 2017: $6700 New Air conditioner & blow in attic insulation (furnace okay)$22,800 for major capital improvementsUpcoming maintenance items: $1700 for pruning large trees, $720 to repair hole in roof from fallen tree branch.Property has galvanized piping which my home inspector failed to warn me that eventually this will need to be replaced.The monthly cash flow for the next 17 months will be paying off the new AC.Since purchase, all cash flow has gone to other repairs not listed above. 

Like Deanna suggested, have some portable air conditioners on hand for such emergencies.Last year we had to replace two HVAC units; course they went belly up in the middle of summer. 

A third option that I have in my lease for properties where I pay the water: "If Landlord pays for water and sewer TENANT will not use excessive water and understands that he/she will be billed for water and sewer for any amount over the normal charge.If Landlord supplies electricity to the Premises, the use of air conditioners, electric space heaters, or other heavy duty appliances requires the written consent of the Landlord"There should be a way for you to lower your utility expenses... the key will be figuring out which path is best for you and this property.Second: you have eight garages?

The boyfriend is a construction worker/handy man and fixed the air conditioner that went out this week and they are doing so minor fixes/updates around the house.

Items listed in fair condition include: the 15 year old carpet, new appliances, counter tops, sinks, bathroom cosmetics, minor wood rot, new windows, and loose stairs on one of the patios and new air conditioners. 

Is your housekeeper responsible for changing out air conditioner filters?  

Repairs were estimated at $37K but we ended up with $50K due to unexpected air conditioner issues plus a few misc things.

I know of an HOA where a hail storm destroyed all the air conditioner units in the complex. 

Fixed it up, raised rents on new tenants to market rates, fixed the roof, replaces air conditioners, washers, dryers, hot water tanks, stucco repair, and paint.

A fan can be purchased for $315 and with a service call they can install it for a total cost of $605.The primary heat is a gas furnace in the garage with a separate air conditioner.