I would pick a handful of this investors properties with the newest roof, hvac, water heater and then have the investor refinance 40% of the home's current value to a bank lendor. 

Look at it as 2 Semesters of income instead of monthly and build in a 3 month vacancy just in case by dividing that cost in two and adding each half to the Fall and Spring semester cost.

What about HVAC systems, water heater, roof, siding, electric, windows, etc.? 

Muddies the water.

I had a client recently buy a 2 unit in Albany Park + unzoned attic and then were able to legalize the attic on zoning doc from an old water bill ended up being a huge value add likely over six figures added now being a legal 3 unit. 

Useful in that we can discuss here what is and what is not going on.The health warning at the bottom of the first page contains the following.THE COMPANY IS “TESTING THE WATERS” UNDER REGULATION A UNDER THE SECURITIES ACT OF 1933 FOR OFFERINGS OF OUR BITS THAT HAVE NOT YET BEEN QUALIFIED BY THE SECURITIES AND EXCHANGE COMMISSION (SEC) RELATED TO CERTAIN PROPERTIES.

If you have a w/d spend a few more bucks for stainless-steel hoses and a water monitor/shut-off.

biggest unseen expenses I can anticipate might be floor joists, electrical, plumbing (it's got public sewer and water), and perhaps just general full cosmetic replacement if the tenant moves out.

I said to my banker Heck half of Charleston gets a little water in the street at king tide whats the big deal.. we worked through it. 

Fixing a gas leak on water heater $110.