I would also start thinking about exterior lighting.

Below is an overview of the numbers.4bed/4.5bath    1,760sq ft    Attached 1st level garage    Private fenced and grass backyard for each unitModern appliances and designCommunity amenities such as pool and bbq areasInitial Investment:Asking price: $239,900Initial Investment: $48,000 (20% down) + $8,000 (closing cost est)$56,000 totalMonthly Income:Rental rate: $2,400Monthly Expenses:HOA Monthly fee: $125Covers everything exterior... painting, fencing, mowing, etcProjected taxes: $450/monthHazard Insurance: $55/monthManagement company: $168 (7%) Projected Mortgage Note: 30yr note assuming fixed 4.5% interest rate$970TOTAL: $1,768/monthNet Cash Flow: $632/monthDoes anyone have any initial thoughts or things I may be overlooking?

Older homes (in Philly) with stucco exteriors are usually a covering over the original brick exterior as opposed to wood.

I have a rental that needs some odds and ends done on the exterior.  

If you have any further questions or if I am omitting any pertinent info let me know Covenants of concern:- "Proposed house design to be approved by seller"- "No stockpiling of materials outside of buildings"- "No in-home business allowed"- " Exterior of house, outbuildings and land shall be kept clean and orderly"     there are others but they are typical and acceptable.

Establish a relationship with them, and don't feel awkward flat out politely asking them to tend to the particular things that you do not like on the exterior.  

Someone to cater more to my needs and can work around my schedule as opposed to their own. 

Trying to get permission from the listing agent and get the originals (as opposed to grabbing them off the listing) is a hassle. 

I'm not opposed to learning the buy and hold side of the business since my overall goal would be to rehab properties and use those profits to add rentals as I go.  

In localities having a winter design temperature of 32°F (0°C) or lower as shown in Table R301.2(1) of this code, a water, soil or waste pipe shall not be installed outside of a building, in exterior walls, in attics or crawl spaces, or in any other place subjected to freezing temperature unless adequate provision is made to protect it from freezing by insulation or heat or both.