So with a higher rent property, you could probably replace 3 roofs after the 3 years and with the lower rent property, you could only cover 1 roof (barely).

I'm wondering if anyone out there has a good recommendation on a bare bones type of policy that essentially covers for catastrophic losses only.

The senior citizen population, who live off social security, have barely enough to pay for rent and food. 

I see immigrants in their 30s and 40s move to this country with no money, no family or friends, and barely speaking the language, yet 20 years later they have a successful business and own their own home.

These interested applicants had the drama stories, had credit issues or barely qualified with the rent:income ratio. 

That partnership lasted for over a dozen years, and in that time we added nearly a dozen more houses, each barely paying it's own way. 

If shared laundry is an amenity that I want to discontinue going forward, could I bare access to the tenants that do not currently have it as part of their lease, and remove it from all future leases?  

Most markets have a massive undersupply of units, meaning just one new development will barely make a dent.

Guess you won't replace floors or appliances, roof, hvac, hot water heater, bath and kitchen remodel, etc.A bare bones repair budget.

This appears to be bare bones information and I am looking for some guidance on how to conservatively underwrite this and similar deals in the future.