Once a building gets to a certain age/condition level, it is better to really do a deep renovation so you can create a turn key product that you can be proud of as a housing provider.

So, find some of those deep-pocket-having pros and find a way to add value to them and get reps along the way. 

When the contractor arrives, take a deep breath. 

Maintenance $187/monthProperty Management: I am not sure what to expect for this.Would like to use a property manager since it’s an hour away and I work full time.I would be okay to break even, but want to avoid going deep into negative cash flow.Thanks again,Alec

Check out our blog here on BP, which is Metro Detroit-centric.https://www.biggerpockets.com/member-blogs/3094-royal-rose-propertiesYPay special attention to our Deep Dive series about various suburban Ring Cities and Detroit neighborhoods.

Tenants moved out, property required new paint, flooring, and a deep clean.

New floors, new carpet, new walls, new kitchen, updated electric and fixtures, deep cleaning and general repair What was the outcome?

I joined this amazing community a little over 2 years ago...jumped in to the deep end, worked it hard, and then we had our 3rd daughter, bought our new house and WFH created an environment where I invested ALL my free time in my family. 

Seems like you have some deep seeded hatred for news outlets that preach doom and gloom.

If you want to do a real deep dive into a property, though, I would use a calculator that references Canadian taxation and mortgage calculations.