If your new tenants would ask for something else (fenced yard, additional deck) - you could negotiate higher rent with them.

For example $ psf paint, $ psf carpet, $psf hardwood, $psf new roof shingles, $psf new decking and roof shingles, $psf foundation etc.

Below is a list of my properties and repair/rehab costs.3 plex, purchase price $260k - $10k (2 units light remodel- new carpet, paint, appliances etc)Duplex $155: $3k (roof patch, finish hardwood floors new fridge) plus capex of $5k for eventual new furnace.Duplex $100k: $20k (plumbing, one side medium cosmetic rehab, roof patching)11 plex (470k): $30k (roof, furnace, unit updates)5 plex $165k: $40k ( update all units, paint interior/exterior, porch, deck, hvac, roof)Duplex $172k: $0 turn key but will keep $3-4k in case of large ticket item ac/hvac etc.

If you can't stack the deck in your favor in this way, then you are not ready to play the game yet ... find somebody who can and watch carefully how they shuffle.

Nonetheless I had a handyman available and on call.In visiting the house there was scattered trash on the deck and thru the yard.

It had lots of work recently done, including a new HVAC, just needed a weatherproofed deck out back.Our offer was higher than I was planning, but the numbers still worked ($850/month after property taxes and insurance) so I decided that this was a risk our family could handle for such a quality property.And then Thursday we got the inspector's report. 

New roof: $5,000 New siding: $2,500 New drywall: $7,000 New plumbing: $2,000 New elec: $3,500 New flooring: $2,000 Painting: $800 Cabinets: $1,500 Fixtures: $2,000 Appliances: $3,000 Total: $29,300 Don't forget other possible expenditures...we have to do most of these things on most of our rehab houses:- HVAC (could easily run $3K)- Framing (if there is termite or structural damage)- Mold Remediation (could easily run $5-10K)- Doors (could easily run $1-2K)- Windows (could easily run $3-6K)- Bathroom vanities- Showers/Tubs- Subfloor/Trim- Main Plumbing Line Replacement- Outlets, Switches, Registers, Smoke Alarms, etc- Gutters- Soffit/Fascia- Garage Doors/Openers- Termite Treatments- Decks/Porches- Landscaping/Grading- Garage Doors- Chimney Repair/Chimney CapThat stuff could easily run another $30K...I live in a major metropolitan area (Atlanta), and generally spend about $30/sq ft for a lower-end gut rehab, and with typical houses around here of about 2000 sq ft, my typical gut rehab runs about $60K.So, if this house is in anything by a low-end neighborhood and in a typical location in terms of cost, $70-80K is probably pretty accurate for a ground-up rehab.

Its market dependant but I just got two quotes for a 23 square roof for 30 yr, tear off and replace, flashing etc 5200 and 5700Both outfits charge an extra 65 per sheet for new decking.  

Electrical, plumbing, maintenance, building decks, framing, drywall, etc.

How do you know you need a repair versus a new layer added on top or a complete tear down to the decking?