update: he has responded to my texts saying ; "I completely understand.

Just needed paint.Before.After.It seems they updated the "before" photo post-paint. 

My assumptions include the following: 8% vacancy (equals 1 month of vacancy), 10% for property management (didn't know if you were self managing or not, but it's always good to put in just in case you decide you do want to get it managed), CapEx and Maintenance of $1500 per year, insurance of 1200, taxes at 3500, I assumed you would be paying no utilities, that those would fall on the tenant and that you would be borrowing the 15K for the cosmetic updates, so I added that to the base mortgage amount. 

The lease that I am using is as up date date as any lease for the State of Minnesota, and it includes "Lead paint warning and disclosure.

My regular contractor , whom I know and trust, has been overwhelmed and unable to do the work.

Just to update everyone, I decided to take out a loan instead of paying in cash. 

Will update when I purchase my next properties.

I have become a regular listener to bigger pockets and I’m a new real estate investor.

No deal I've put together ever stays static from the first underwriting, you are always updated, tweaking, exploring scenarios, until you are satisfied that the deal generally works, or is dead.

Buy it off like a regular purchase, and/or modified wholesale transaction with a very long selling time.