Thsi will depend a LOT on the guts of the property and can only be determined during walkthrough.Many more available: These come onto the market weekly and although not always everyone’s first choice, if correct due diligence is taken, are great first time investments.Cons of conversion:Wear and tear: Existing buildings may have wear and tear that needs to be addressed during the conversion process.Quirky Layout: Since the design was left up to whomever originally converted the property, many of these are really strange and when you have strange layouts you get strange tenants.City Rental License: Many owners of these properties do not spend money making them nice, they commonly have much differed maintenance and thus putting a target on their back from the city rental department.

Also make sure it is not normal wear and tear. 5) Don't rent a place that is not rent ready.

The property has a relatively new roof (<10 years old), does not have a backyard and is in a desirable neighborhood in the City of Philadelphia (so I expect less wear and tear than a less desirable neighborhood).I was wondering if anyone had any experience with a similar type of property in the Philadelphia area and what kind of % of the purchase price you typically use for yearly maintenance  when running the numbers on a deal. 

if the paneling is in good shape then spray paint whole house and add new floor covering otherwise tear down paneling in rooms where it is bad and add drywall.

The toilet handle may be a tenant-caused issue or it could be ordinary wear-and-tear (things break even with ordinary use).

And maybe $100 more just for wear and tear on the house.

One can be done for $4500 (two story house with an easy tear off and redo) the other could cost $15,000 (hip roof ranch with 4 layers and wood rot).

I called the tenant and she said she did not want to bother me at first and then she said she tried to call but dialed the wrong number.Flash forward to today I have estimates over 10K for tear out of all portions of the house that were effected by the dirty water, and the replacement of the pipe.

I know the prop. taxes are going to be higher downtown with higher price per night, but the 1604 are will sleep more (more bedrooms), but may have more wear and tear.

There are some up and coming neighborhoods and areas where it's all tear downs.