Also, let’s say I find a deal that may look interesting (by looking at the physical condition of the property), how do I figure out the costs such as insuranse, garbage/sewer, water etc?

Another lesson learned here is to make sure that the security deposit is a sufficient amount (many get a full month's rent) and have it stated in writing that the security deposit is non-refundable, but gets converted to a refundable type once certain conditions are met.  

However,Depending on the roof condition there may be more options.

I am a new landlord and rented my property 1x so far for 6 months to someone I know and work with that did not turn out well at all - I was completely scammed I convinced him into leaving my property without going through the eviction process and he took care of the house as in keeping it in good condition. 

@Chuck King / @Justice CannieIf you're buying distressed and fixing them up to add value then you can achieve up to 2% rent-to-value ratios based on your cost basis.If you're buying in like-new condition (little to no renovations) then your rent-to-value ratios will be lower, often around 1% in the right areas and in balanced markets.Keep in mind that all of the above is a scale that is highly market dependent.Continued success!

I just recently found out that the air conditioning condenser unit may need to be replaced at one of the properties I bought a few months ago.

You have to look at current market conditions and not assume that recent appreciation will continue into the foreseeable future.  

The tenant has a right to expect the house to be in relatively the same condition as it was when they signed the lease minus a little bit of wear and tear.

You have to compare size, condition, specific neighborhood and street, to get an idea if it's a good deal. 

Size, type (sfr, condo,) price, possible rent amount, condition, etc.