With conservative assumptions (10% vacancy, 10% PM, 20% down, 20 yr term, 5.75% rate) and the limited information, I show a total loss of about $202 the first year.

Owner provided, contractor installed items: supply plumbing fixtures, appliances, and other specialty items.

There is always clearance items at Lowes with a 1 year warranty that are the same price, and sometimes better than used price.

Passive losses can only offset passive income (Unless your AGI is under 150k, phase out begins at 100k- or unless one of you qualify as a RE Professional- which if you both have full time jobs isn't very likely)So your potential passive losses from the Rental will carry forward until there is a time with passive income, and then it will reduce that.Also, much of those renovations to get that rental ready to rent will need to be capitalized.

@Eric SuessYou may be able to potentially offset rental losses against business income to reduce taxable income.It won't decrease the amount you have to pay in "Self-employment taxes" though.

When I retire I will probably be “disabled” for hearing loss after being around jet engines for 27 years and back issues from rucking....there now I’m disabled....that does not make me a better person.

.- Request a loss run report for past 3 years.- Bank statement for last 3 month providing proof of rents deposited.- any addendums to the leases and all recent notifications that were provided to the tenants (IE rental increases).Try to be present for the inspection as a lot of inspectors share information that you otherwise won’t find in a report. 

and then later subtract this income from units that don't pay because of vacancy or credit loss by multiplying it?

I went to chicago reia meeting in chicago, the host showed a page that show all these general material and labor cost of al these items.

Base your underwriting of the worst case on this line of thinking.I project increases in Cap Rate immediately, so my underwriting assumes a gradual loss of demand.