the biggest issue of a condo is, Water leaking, water damage, mold remediation, between upstairs condo and downstairs condo.

It is shocking how expensive a cleanup and remediation for a large water leak, especially sewage water can quickly become.

If it's under $500 (including parts and labor) I can just hire a handyman for the work.I have repair work that needs to be done post water damage remediation in my kitchen, bedroom and dining area.

After Repair Value: $210,000Closing Costs at time of purchase: $2802Monthly Holding Costs: $1,128Interest Payments: $328Property Taxes: $620Electricity: $50Water: $30Insurance $100Number of months holding costs: 9Total carrying costs: $11,825Repairs $52,157 + 10% Contingency = $57,372 TASK UNIT Materials Needed Line Item Cost Replace Sheathing Per Sheet 5 $270.00 Asphalt Shingles Per Square 20 $4,400.00 Aluminum Gutter Per LF 150 $675.00 Pressure Wash Per House 1 $150.00 Vinyl Siding Per Square 1 $265.00 Replace Garage Door Per Door 1 $675.00 Replace Door Opener Per Opener 1 $370.00 Roll-Off Dumpster Dumpster 1 $350.00 Full Demo Per SF 2400 $960.00 Service Call Per Hour 8 $680.00 Natural Gas Hot Water Heater - 50 Gallon Per House 1 $710.00 Replace All Supply Lines Per Fixture 5 $1,000.00 Install/Replace Tub Per Tub 1 $350.00 Build Tile Shower Per SF 70 $1,365.00 Kitchen Sink Per Sink 1 $120.00 Bathroom Sink Per Sink 3 $210.00 Kitchen Faucet Per Sink 1 $90.00 Bathroom Faucet Per Sink 3 $210.00 Trim Kit Only Per Tub 2 $260.00 Install/Replace Toilet Per Toilet 3 $510.00 Install Dishwasher Per House 1 $430.00 Install Can Light Per Can 10 $650.00 Loose-Fill Insulation Per SF 100 $100.00 Wall Board Per SF 4000 $4,640.00 Exterior Door Per Door 1 $230.00 Interior Door Per Door 10 $750.00 Sliding Glass Door Per Door 1 $450.00 Replace Window Per Window 10 $2,000.00 Repaint Per Floor SF 1500 $3,375.00 Paint New Sheetrock Per Floor SF 1500 $3,900.00 Install Kitchen Cabinets Per linear inch 240 $2,040.00 25" Vanity Per Vanity 1 $150.00 30" Vanity Per Vanity 2 $380.00 Granite Countertops Per SF 50 $1,600.00 Replace Subfloor Per SF 100 $122.00 Install Carpet/Pad Per SY 45 $180.00 Carpet+Pad Material Per SF 400 $700.00 Refinish Hardwood Per SF 1000 $1,250.00 Permits Per House 1 $200.00 Air Quality Test (AQT) Per Test 2 $250.00 Mold Remediation Per House       $10,000.00 Refrigerator Per Appliance 1 $1,100.00 Range Per Appliance 1 $900.00 Dishwasher Per Appliance 1 $700.00 Microwave Per Appliance 1 $440.00 Washer/Dryer Set Per Set 1 $2,000.00 Commission to Realtor at time of Sale 7% - $14,700Interest to Private Lender: $5,000Offer Price: $80,000Potential Profit: $41,101 --> I specifically planned this one higher due to the mold issue and wanting as much cushion as I could have to resolve that correctly.

At the very least it will need major cleaning, and some mold remediation.  

If smoking is not permitted and does occur in the Unit or Property, Tenant will be in default and: (1) Landlord may exercise Landlord’s remedies under Paragraph 27; and (2) Landlord may deduct from the security deposit damages to the Unit or Property caused by smoking, including, but not limited to stains, burns, odors, and removal of debris.

Cities in NC have lots of power by law, and Remedies under Article 19 (Planning and Regulation of Development) are basically at the whim of the city council.

In addition, there are sponsored vendors  represented there such as insurance companys, mold remediation, heating and air, mortgage lenders, etc..

Hard to remedy problems like this.

However, I have a Master Insurance policy that covers bed bug remediation, so my Tenants can file a claim and be covered up to $10,000 in pest control.