The combination of high costs and the after-repair value (ARV) frequently leads me to conclude that buying a new rental property is a better use of capital.

Normal repairs are absolutely NOT covered by insurance.

They do an inspection, look for potential costs with repairs and produce a final report.

There's not many tools in the box to repair many years of poor policy i.e.

Though my property management company eventually took care of the eviction proceedings and repaired the property to prepare for a new tenant, I feel they were negligent in their duties.

Additionally, transitioning certain activities, such as maintenance and repairs, to be conducted directly through the business entity could strengthen your position for claiming deductions.

Look into FHA 203(k) loans for repairs and down payment assistance programs in your area.

Market might be competitive but there is angles to stand out depending on what you are comfortable and able to handle, such as waiving an appraisal contingency, limitng inspection rights and time frames, closing time frames, allowing seller to stay-post closing, taking on difficult tenants, buying properties that might need repairs, etc.

I'd call insurance before having any sort of plumber to come do any repairs.

I've had a lot of large repairs in the past year that just kill the cash flow.