Only making roof repairs as needed ($6,000 thus far, not much needed beyond the initial wood replacement), doing all the abatement demo and hauling ourselves (my partner and I), cleaned out one area that can be zoned separately for heat. 

The smart thermostats are really cool, and you can also get the ones with body heat sensors or decibel meters if you’re worried about noise, but so far we’ve actually gone with the Mr Cool DIY split AC systems with the WiFi integration, and been very happy with them.

Don't forget about cleaning the heating/cooling ducts. 

@Trevor Ewen If I could relocate I would move to Miami :) But my wife has a government job in NYC and my family and kids schools and friends are here.

Capital Expenses: It would be wise to save at least  5 percent off monthly rent for big ticket items, (Roof, heating, AC, etc)So above all the expenses you described, you need to add in property taxes in as well. 

What is your take on buying a rental property with oil heat.

Did not take much - house has a new 5-0 year roof, new water heater, new heat, new floors.

So you I and E of Income Cap should break out like this ..Note I left our Electric, heat, and fuel.

Can you convert the heating to electric combined with going solar?

I have heard things are heating up in the OKC market recently, dang out of state investors!