You submit a letter of intent to get the property, do inspections first in New York after your offer is accepted, and after inspections are resolved, your attorney then writes the contract.

I typically build in an inspection contingency into my offers (yes this reduces my competitiveness of my offers, but its also a safety net to protect my bottom line).

One approach we've taken is implementing a move-in and move-out inspection (with photos) to limit wear and tear.

HUD is changing its inspection criteria from Housing Quality Standards (HQS) to National Standards of Inspections and Real Estate (NSPIRE).

Additionally, ask for copies of all tenant leases, any recent inspection reports, and records of capital improvements, such as repairs or renovations.

My son did this for his first home and, other than paying for some lender fees and his home inspection up front, he only paid $11 at closing.

I am an actual owner with 100+ units in the city of Cleveland and the cities around it and put together a rolodex of references for services like property management, inspections, contractors etc. if you want it. 

Why are you using rules of thumb and not using the results of the thorough inspection by a great inspector that you are surely using and would be an idiot not to base your numbers on? 

As long as you are screening the tenants/animals well and conducting inspections, I think you'll be fine.

Schedule inspections at key stages, and involve your property manager early for rental insights.