I just went through this and they did paint, cleaning and some other repairs in 2 weeks.

Plus you'll need to make sure you're got money for repairs and a reserve for if there is capex needed.

That's because my cash flow goal is after ALL expenses, including a realistic vacancy, PM whether I use one or not, allowance for repairs and capex, and debt service, etc.

Cost to repair was over $8k.  

So I find that when I evaluate properties according to the BiggerPockets method, including CapEx monthly, including 5% of gross rents for repairs and maintanence, including 10% for property managers, etc, NO property passes any test.  1% rule, 50% rule, or even being positive cash flow.  

I was definitely hoping to find lenders that don't really require a credit check since I'm in the middle of repairing mine.

You want to start a real estate journey  - start it.To be in line with Dave - have an emergency fund in case the tenant will not pay or some repairs will needed.

Called the number and a lady answered, she said her husband had a heart attack and can not finish repairing the house.

The drawbacks are that repairs/modifications are expensive due to the house’s age and that I have to clear everything through a historical society as a result.

Prob is I had to pay for repairs.