If the house was a foreclosure or the sellers were desperate, there's a good chance of deferred maintenance -- this means the hot water heater is likely old, the fixtures are likely old, the cabinets/vanities are likely old, etc.Btw, even if it were just paint, carpet and a kitchen remodel, you're probably looking at a minimum of the following:- Demo/Dumpsters: $1000- Paint Whole House: $2000- Carpet Whole House: $3000- Cabinets: $3000- Countertops: $500- Appliances: $1500- Rough Plumbing/Electrical: $500That's $11,500 right there on the low end, just for paint, carpet and kitchen...

Then they have mailbox money coing in every month without calls about leaking plumbing.

I'm not too sure about any major repairs, but so far the recurring expenses are plumbing and maybe replace a/c or heating.

New electrical fixtures and new plumbing fixtures are also needed.From there, make sure the flow of the house layout is good and if not, find a way to move a wall around to create a more open feel and flow.

I am considering using Sharkbite fittings for a new water heater install, the existing plumbing needs to be adjusted due to taller water heater.

I am holding about 10% of Gross rent out each month to account for some of the issues you mention ($995 rent = $100 /month)I actually sweep $447 into my "purchase" fund,and leave $100/mo in my operating account that also holds the deposits and pet fees.I replaced the toilet, sinks, faucets, plumbing stops, gas stops, full new a/c system (i'm in TX), and rebuilt all parts on HW heater since it was in good shape as well as replaced the ceiling fans.

The year of 1985 watch out for poly pipe plumbing for your buildings.

I give out my Email address and What's App number, and the last time the whole plumbing system backed up, I was able to use the www.yellowpages.com to find a plumber and pay by Paypal.I wish that I could recommend a property management firm, but all I can tell you is who to avoid!

That was a reasonable price if the house was in good shape, but the house needed new appliances, a new sink disposal, a few plumbing fixtures, and repairs to the A/C.

The obvious of course is a new electrical panel box, new home wiring, yard fence higher than 4', new plumbing and HVAC, new room addition, a new roof or a foundation fix....I get/know that much.