My wife and I are currently in the process of purchasing our first property in Baltimore city, MD and were hoping to get some guidance from an experienced investor in the area about some the items that were reported in the inspection.

Even if doing replacement of some big ticket items upfront I would still budget a minimum of 5% for each of them especially on a higher end property such as this that requires good upkeep. 4 of the main benefits of a buy and hold property are below and just because you are not getting all of them in the same property does not mean that particular property is a bad deal, but for a property of this value it is too expensive for the relative returns provided.- Cash Flow- Appreciation- Principle Pay Down- Tax Benefits

Then add 10%-20% contingency reserve to that price for the "unknown items" that are discovered during rehab. 

This just one of many fundamental items you'll need to learn as you go forward.

Deductions from deposit -- Written itemization -- Time for return.(1)Upon termination of a tenancy, the owner or the owner's agent may apply property or money held as a deposit toward the payment of rent, damages to the premises beyond reasonable wear and tear, other costs and fees provided for in the contract, or cleaning of the unit.

Since there is so much content at your disposal, it can be a bit overwhelming at first, so here are six key actionable items that you should take utilizing BP.

She has a few personal items there, but most everything belonged to my dad.  

My area it is $6 sf to replace. 2000 sf*$6 sf=$12000/10 year life span/12 months in a year=$100 per month. 1 item already exceeds your capex budget.

On top of these very crucial items, landlords will receive an Income Insights report which analyzes tenant income based on their credit behavior, that way you can determine if their self-reported income is accurate or if additional proof of income is necessary. 

He may not itemize these extras and scraps in your materials costs along with various fasteners and adhesives.