Replace hot water tanks, replace rotten wood under toilets, roofing, replacing a faucet, adding a 2 phase outlet for additional clothes dryers, If you can't do those 3 things you mentioned, I would re-evaluate your skills as a property manager.Did I know how to do the things I mentioned before getting in to real estate? 

@Amira WillisYou’ll find many OOS investors in expensive markets like ours..You will need more than $3k to get started the exact amount will vary by the market.The mistakes many newbies make is not having enough reserves, when the unexpected happens they have no room for errors so make sure to have plenty of reserves.You need to decide what type of investing you want to do, buy & hold, flipping, wholesaling etc and decide on a market.There are many other decisions you need to make you can start with those 2.

I wanted a good outlet to talk about the deal and bigger pockets was the obvious choice.

It came unexpectedly as a no strings attached gift from a very rich friend and I'm a bit overwhelmed.

Once they start opening up walls and such, they will almost always find unexpected problems.

But when you put hard-pay debt in place on properties, then you can run into trouble if the unexpected happens - i.e. big cap-ex, falling rental rates (yes rents can go DOWN), increased vacancy (for any number of reasons, including functional obsolescence, crime, population and employment shifts etc) or other issues that affect the financial performance of the property.if you own the property outright (no leverage), then you can either ride these things out or go borrow the money to fix specific issues.

Downside to this area is high turnover and unexpected moves (military orders).  

If you have a Sear Outlet store near by go that route.

Assuming the rental rate is accurate, then the deal seems to make sense and there is enough cash flow to likely cover any unexpected expenses.

Working on my properties unexpectely led me to discover that I enjoyed performing hands on renovations, and I've been working hard for years to fill in my knowledge of construction.