It covers all common things such as burnt out light bulbs, holes in walls, holes in doors, broken appliances, carpet stains, broken fixtures, and so on.That way the tenant knows exactly what they will be charged when they move out (before they even move in).

I probably wouldn't have to do any repairs initially until the current tenants moved out and then I think it would just be cosmetic stuff like carpet and paint in one unit, or I could do some upgrades to bring it in line with the other unit. 

Do they want affordable properties with just new carpet and fresh paint?

We found hardwood floors under the carpet so we're having those finished as well.

I want to buy properties under $50k that need minimum work (paint, carpet) before putting a tenent in it.

Including guesses on rehab and rent time- some are going to be much slower than 3 month, some deals might be paint/carpet and rented before you blink. that said, I think you have the idea, it is now a matter of practicing analysis on actual deals.Where are you looking?

Purchase price: $112,000 Cash invested: $7,000 Sale price: $150,000 The education I've gained from my first house:-House hack (several roommates)-Live-in-flip (floors, carpet, kitchen, yard, bathroom, paint, demo, mechanicals)-Refinance (75% of a greatly appreciated property through both forced and community appreciation)-Property Management (Practiced methodologies learned through the podcasts and books to find and place tenant)-Rental (Used BP forms - Application, Lease, Amendment, and Move-in Checklist; used BP calculator to figure my numbers) What made you interested in investing in this type of deal?

This system has worked extraordinarily well, & has allowed us to spend some $ on small maintenance & improvement items as well (next up - replacing the 20 year old carpet on the stairs!).  

We pulled up all the carpet in the rest of the home and replaced it.   

Do landlords typically clean carpets on tenants requests?