I do have sump insurance, but it only covers 5K (the max they would allow), and I don't think the damage would have been nearly as extensive nor should the fact that I have some insurance relieve the management company of it's failure to act in a timely manner. 

I think 1950-1990 is the sweet spot for getting ROI and not needing extensive repairs 

She's written on the topic extensively for the BP blog. 

If you aren't aware of this tool I would imagine you do not have extensive real estate knowledge or experience (which is completely oaky!) 

If there's extensive plumbing work needed, and you're pulling permits and using different trades for plumbing and electrical and carpentry, and installing high-end cabinets and a custom counter top and top quality appliances, then spending $22K is conceivable as well.

Thanks for responding, and I agree Jeff, after a more careful and extensive search I saw some other red flags too.

The seller asked for an extension because they had yet to secure a CO from the city.

If you mailed the extension, they are still not caught up on processing them. 

I’m still in my novice stages as an investor, so the only “unit” I’m renting is this one (for now), therefore, I don’t currently need a majorly extensive rental agreement.

Well to be clear, there wasn't a written extension of the lease (or provision made) but yes, you're right they are now a tenant -at -will.