Converted the over-size garage to a 4th room and additional toilet (forced-appreciation) making the property 4bed/2.5 bath.

It has central heat and air, has a metal roof, an unfinished basement that gives the opportunity to add lots of value to the home or even convert it into a duplex, etc. but it has been obviously squatted in, the carpet is ruined, there are no appliances, bath tubs/showers, toilets, etc. in the house, will need some drywall work, and one room will have to be treated for mold.

Does your lease state you are on the hook if you plug up the toilets or garbage disposal by your neglect ? 

As long as they don’t overdo the toilet paper (or whatever else), it works fine.

Then left a 4-star review because the master toilet was running and having issues. 

I've migrated to being a lender and love this position a lot more, no tenants or toilets, although the borrowers of the non performing notes are similar in a lot of ways to the tenants I used to deal with.Have you thought of doing 1031 exchanges of your smaller rentals with equity into larger cash flowing apartment buildings?

Hopefully you have a good manager in place who can handle stuff like a C class property so you can simply focus on acquisitions and not stuff like toilets, tenants etc.

I pulled toilet, ripped up subfloor, but then got amnesia :-)Following day our phone rings with squatter lady demanding, "Come up here immediately."  

It's true that you shouldn't have many capital expenses for a brand new house, but you'll very quickly begin to have other routine expenses such as carpet; paint; leaky faucets caused by tenants overtightening the knobs; clogged toilets; damaged appliances; frozen water lines when the tenant has their heat shut off; holes in walls; etc, etc, etc.Even in the oldest properties, maintenance shouldn't be ANYWHERE NEAR 25%!

@Jerrmarco Rhodes I don't know squat about Milledgeville (if I'm even spelling that right) so 8-cap could be an awesome cap-rate for that market or a horrible one.