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. 

Its not a "set it and forget it" type of business.The tenants will expect everything to be taken care of for them, like cutting the grass, shoveling the snow, paying all the utilities, having a cleaning service and providing certain necessities like toilet paper.

One weekend in 2015, I was having amother poker game at my house on a Saturday night.One of the participants came into the room after a break and told my wife and I that our toilet was leaking.  

Also like to replace the toilet with the taller style.

I made a kitchen, (gas stove, sink) added electrical outlets and ceiling lights and  I finished off the walls and ceiling with drywall, and also added a full bathroom,(tub, sink, toilet).   

Upgrade the appliances.3. remove space heater and install baseboard heat (a little on the expensive side)4. replace toilet for a more water efficient toilet (save on water bill)5. replace windows with more energy efficient ones (saves them on gas bill)6. backyard patio/deck/etc.basically anything that makes them happy but also adds value to the home!

Estimate for repair is 10-15k.Damage to the siding, potential pest infiltration, they did not inspect for pests (If I think about moving forward with this I'll get someone to look for this)Furnace+water heaters are on their way out -- 15+ years old for furnace, 10+ years old for water heater.Sagging floors in basement, inspector said that was common in buildings of this age.Loose toilets (makes me worry about water damage in the bathrooms -- those bolts don't loosen up on their own normally...)I'm leaning towards passing on this, but I'm not sure...I'm worried about the potential for major problems in the coming years.

I just prefer the cash flow that way, if the toilet or washer break.

Your tenants need to know that it's not ok to come knocking on your door at 2am because they clogged a toilet or sink.