Hello everyone,My story comes out of North Jersey where it seems that being a landlord is becoming more and more of a nerve-racking stroke-causing endeavor. 

They had roofs that were nearing their lifespan about 10-20 years ago, so most of them have had new roofs installed in the past 15 years. 

The entire exterior needed to be upgraded (roof/siding/guttters).

A 203k is for owner occupants, but there is also an FHA homestyle loan that is non-owner I believe with a rehab budget of up to 35k which can include foundation, full kitchens, roof, etc.

At 500/600 per month, just make sure it's well insulated, ac/heat works, decent flooring, well-patched roof and slap some paint on it.

If this isn’t an option, research snow removal/cutting tools, such as the Avalanche or Roof Razor, that are designed to protect you and your roof shingles.

I don’t know that I would reduce your capex to 5% - even though they did a lot of capital improvements, the problem with a lower priced investment is the cost of a new roof/furnace/appliances/whatever represents a bigger percentage of your income.

Newer roof installed in 2012. 

Hail is much more likely than a tornado, so I'd also recommend full replacement coverage on the roof.

Previous owners purchased the property at a tax auction, gutted the inside, replaced the roof, installed to sliders and bought vinyl siding.