Yes, that might be possible for a relatively clean house, but is absolutely impossible for a larger rehab project as holding costs due to the additional time to do the work.The zero interest rate environment is a major factor in the price increase as wholesalers have used this to their advantage to show non real estate investors what good cash flows they can get with little investment providing they can qualify for low interest conventional loans. 

It needs 50K in paint, central AC, pool drain, clean and possibly re surface.

I did find that electricity jumped for a couple weeks especially as I had crews in the place all day, and an agent advised me of the FHA rule after I was into the project by 21 days.Essentially it was the little stuff I hadn't planned on - this was a condo and a "resale certificate" is necessary... another few hundred unplanned, mandatory "dryer vent cleaning" (albeit I cannot fine this anywhere in the rules/regs of the association, its just cheaper to do it rather than fight it), cabinet pulls (after replacing counter tops, faucets and fixtures)... all in I came up with another $1400 of unplanned expense, eating up roughly 50% of my contingency budget!

I don't mind buying a house that might need roof work, minor plumbing/electrical, drywall and paint.

Now I'm not asking for a hand out I'd be willing to do odd jobs from time to time ( I can do minor electrical work ).

A general contractor will be able to give you a better idea about the house itself, the foundation, the age of the plumbing/electrical, and many other things including, if you are thinking of making any structural changes to the house, whether those changes are feasible or not.Good luck!

Deep cleaning the carpets between tenants is recurring and appropriate to include if we're taking a 2 year average.

High end SFR in our area will not way run 30%I suspect he self manages... as there is no need when you have a single tenant that can afford 5,700 a month probably a higher up at MicroThese type of tenants often leave the home as clean as the day they moved in... other than touch up for paintings that were hung etc. and your correct in our area on the west coast appreciation is what we invest for..

I purchased the paint for another job had $150 in the 2 5gallon buckets of behr ultra, $46 in ceiling paint, 2 shower valves at $55 each, drywall at $64, insulation $60, plumbing fittings at $23, tile was $100, $60 in door knobs, I payed my employees for cleaning all 4 units out, painting 1 apartment and half other, tearing out paneling and insulation, re install new insulation and hang and finish drywall, install 2 shutoff valves and install scald proof valve.

I call my city (small town, all city-managed utilities) before closing to get the average monthly electric, water, sewer and garbage bills on specific addresses   I just tell them I am interested in purchasing and need to check the average.