You can make minor adjustments based on the type of appliances (dishwasher, clothes washer and dryer, air conditioning, etc.) and the size of the rental.

I really like Dawn Rickabaugh's take on "Property and Paper."

Tenants write you stating that the dishwasher "smells badly" and request that you send someone to fix the dishwasher.

Home ages range from ~1900-1940 CapEx Quantity Replacement Cost Total replacement cost life span Cost per Year Cost per Month Roof (most homes here older and have more than 1 peak in roof- not simple gable roof) 1 12,000 12,000 25 $ 480.00 $ 40.00 Water Heater(s) 2 1,200 2,400 10 $ 240.00 $ 20.00 Appliances: Washer 1 500 500 10 $ 50.00 $ 4.17 Appliances: Dryer 1 400 400 10 $ 40.00 $ 3.33 Appliances: Stove/range 2 500 1,000 10 $ 100.00 $ 8.33 Appliances: Fridge 2 600 1,200 10 $ 120.00 $ 10.00 Appliances: Dishwasher 2 400 800 10 $ 80.00 $ 6.67 Driveway/Parking lot 1 5,000 5,000 30 $ 166.67 $ 13.89 HVAC 2 4,000 8,000 20 $ 400.00 $ 33.33 Flooring 1 6,000 6,000 6 $ 1,000.00 $ 83.33 Plumbing 1 5,000 5,000 30 $ 166.67 $ 13.89 Windows 1 5,000 5,000 30 $ 166.67 $ 13.89 Paint 1 4,000 4,000 5 $ 800.00 $ 66.67 Cabinets/counters 2 4,000 8,000 20 $ 400.00 $ 33.33 Structure/foundation 1 10,000 10,000 30 $ 333.33 $ 27.78 Garage door 1 1,500 1,500 10 $ 150.00 $ 12.50 Landscaping 1 1,500 1,500 10 $ 150.00 $ 12.50 Cap Ex Total $ 4,843.33 $ 403.61

Just the other day the idea dawned on me about turning it into a short-term rental instead, which was definitely ready now without much effort. 

Are you prepared to pay $1200-1500 for a hot water heater, $5-6k for an A/C, stove, dishwasher etc. 

I send all of my investors to Dawn from American Eagle.

@Dawn Anastasi  Thanks for the post.

HI @Dawn Johnson welcome to the family.

@Dawn Brenengen Thank you so much.