Please just put a metal roof over it.

Do they look good but need new roofs, have soft subfloors and ancient water heaters?  

On the other hand, our house has a brand new roof, brand new hot water heater and recently renovated kitchen with newer appliances.

You also need to factor in other expenses like repairs & maintenance and capital expenses like replacing roofs and ACs, etc.  

We invest in the Indianapolis Indiana market and focus on properties around the $150,000 to $190,000 range that are older homes in good areas that have updated roof, HVAC, plumbing, windows and those type of higher cost items to make sure it has good bones.   

For example, say you have 4 side-by-side townhomes that share a roof and if there is a hail storm and one of the units is un-effected.  

If there are roof issues, trees over hanging the roof, debris in the yard or whatever client's are getting non-renewal notices.The vast majority of insurance carriers are unprofitable or have just now started to return to profitability from several bad years.

think about your first 1 to 2 to 5 to 10 years of ownership of a property, and the difference between:-a 1-year old furnace under warranty, and a 35 year old furnace-a house with central air, and a house without-a house with a brand new roof, and a house with a 25 year old roof-a house with a knob and tube wiring, and a fully rewired housewhich is going to have more capex? 

This may include examples such as maintaining the landscape, a minor plumbing repair, doing shingle repair on a leaky roof or painting a few rooms between tenants.

My biggest CAPEX cost is either a roof or AC replacement.