The biggest things you want to look at in the inspection report are the roof, foundation, and moving pieces (hot water heater, HVAC, plumbing system, and appliances. 

Windows can use upgrading (not airtight)Bathroom is dated (plan to replace toilet and sink, and paint walls)Has a small rip in one of the screendoorsKitchen sink needs to be replacedCounter has water damage (raised on some areas instead of flat)I was thinking do minimal update only the flooring, sink, and toilet and rent slightly lower than the going rate for rental properties in our area.

Most people are trying to be helpful on here, but there are sharks in these waters.

It's important to note that while most liens are wiped out from a tax sale, there are some liens that survive. 1) IRS Liens2) Water and Utility LiensMost important is to understand any right of redemption period.

There is water, sewer, gas, and electric in the street out front.  

The reason I was going for an HOA is because they take care of the roof when it falls in and the water heater when it gives way.

My final tip is an easy one, drink water!

The $1000 should cover the day to day maintenance items that pop up (water leaks, equipment/appliance repairs, etc), but what it won't cover are the big ticket CapEx expenses (different than maintenance) that you should be budgeting for each month (i.e. a roof being replaced every 20yrs, etc).

Best case scenario, everything is split out (ex. water, electricity, heating and etc.)

Get a price, test the waters, Etc.3) Don't build at all right now.