AC, electricity, no plumbing.

Any other possitive factors  - stable tenant base  - alarm systems  - regular checks on the property  - no pets  - Lead safe certification  - newer roof, plumbing, electric, etc..Anything to balance off the lossesBe prepared that it may end up in a non-standard (surplus lines) market for a couple of years.If you did not have flood coverage before, see if they will continue the current policy if you get Flood coverage and increase the property coverage deductible. 

Plumbing company doesn't have a payment plan.

Info from roommates on things that happened before I moved in: Worked on the plumbing while people were in the house, and the water was off for 1-2 days. 

You could rent it to a plumbing company to park their vehicles for $1200 a month3.

I've done a really basic rental kitchen with low end cabinets, formica countertops, and used appliances, but also with wiring and plumbing, and spent more than your $5000 number.

@Sarah Sullivan - We had an investor client purchase a 3 bed 1 bath brick ranch on a crawl space with fairly accessible plumbing fixtures.

Roofs and 'lesser' critical home hardware like HVAC, AC, plumbing and non functioning lighting and electrical. 

It is required to have a building permit/inspection and hire licensed professionals for Electrical, Mechanical, Plumbing, and structural engineering for load bearing, gas line work, and septic systems. 

Our plumbing supply store.