I asked the insurance agent to shop around for another policy in hopes that another company won't do the inspection at all or will just require some inexpensive repairs.

Assume you will have a vacancy in 6 months and some repairs to spiff-up the property for the next tenant. 

@Jonathan Woodruff speaking only for myself, one thing that drives me nuts is people who are typically drawn to the charm and unique qualities of an old home, and then whine about its lack of modernity--- modernity which, by the way, will likely fall out of favor again in a decade or less.

The lower quality communities will often/usually allow renters as they have very low standards.

The first set of contractors sent to the property provided a preliminary estimate of repairs in which they are quoting a total of $86,000.

It does need a lot of repairs.

Looking for Property Management that knows how to save you cost in repairs.

The owner thinking they are saving money is likely losing money as they get a lower quality tenant and all the issues that go with them.Sorry for rant, it's early on a Saturday and I need more coffee!!!

JeffListing Price:$159,000 INCOMERental Income$1,748 $.85/sqft.Garage$0 Laundry$0 Storage$0 Misc$0 Total Monthly Income$1,748 EXPENSESTaxes, Property$350 Insurance$100 UtilitiesElectric$0 Water$100 Sewer$50 Gas$0 Garbage$0 HOA$0 Lawn/Snow$0 Vacancy$100 Repairs$100 "Capital Expenditures (i.e. new roof)"$150 Property Mgr $0 Mortgage $705 Total Monthly Expenses $1,655 CASH FLOWIncome $1,748 Expenses ($1,655)Total Monthly Cashflow $93 CASH-ON-CASH ROIDown Payment $15,900 10%Closing Costs $5,000 Rehab Budget$5,000 Misc, Other  $0 Total Investment $25,900 Annual Cashflow $1,111 Cash to Start: $25,900 Cash-on-Cash ROI 4.29%

I am looking for approximately $30,000 to $35,000 to cover all repairs/expenses.