This time, I had a camera clean out to really find out what's going on.

Takes just a minute to set new codes and can easily create codes for maintenance/cleaning/delivery people and then see when they arrive.I also put lockboxes at each property for the rare case where batteries may die or power is out.You can get them on Amazon or on eBay and are often on sale.

Plumbing needs a lot of work, electrical has been updated but still has some knob & tube wiring. 

I’ll review financials from the current owner but assuming the tenants pay water/electricity shouldn’t I be able to use the math above?

For me it's all about having a great cleaning person/crew.Homeaway and Airbnb make it easy to keep an up to date calendar, accept payments, refund security deposits.Then nice to have are automated locks (I still use a lockbox), security cameras, wifi thermostats.You need great pictures and descriptions, you need to be responsive to inquiries and issues.You need a great location so that you have demand at your property.I think this is the Cliff Notes version.Take up Lucas Carl on the phone call.

Telling someone they shouldn't pay someone else to manage is like telling them they shouldn't 'waste' money on paying someone to do electrical, plumbing, or flooring work. 

In we do that.I think either of your options are nice, but I like not worrying about a tenant cleaning grout and the potential for leaks.Our bathroom walls are half tiled, nice vanity with as spacious a granite countertop as possible.

My recommendation, for what that's worth, is to set aside 25- 30% of the rent for CAPX, vacancy (holding cost while no one is there and cleaning), and maintenance which will be higher when you have a vacancy as you always find stuff. 

I wanted to have it cleaned and now I have to replace. 

Well as it turns out the tenant isn't staying... so while I am bummed at needing to fill two units right off the bat - I am glad to have a clean slate and to be able to dictate my own terms