As time goes along and your investment goes well due to your tenants paying their rent as they should and the home going up in value due to inflation and market appreciation, COC becomes less relevant.For example, if you purchased a property with $22,500 down payment, $5,000 in closing expenses, and $2,500 for some touch-up paint and new carpet, you are all-in for an original investment of $30,000.

Before I purchased this property, I had multiple offers declined, two deals that fell apart the week of closing (including one where it got messy and I almost lost my down payment).Now for for the details of the purchase!

I think we can overcome the smell by removing the nasty carpet, and priming everything with KILZ primer.

It may have carpet that is at least 8 years old.  

One story home in gated community in the process of being remodeled with new carpets, new paint.

In addition it needs some cosmetic fixes like carpets, hardwood floors, painting, and appliances. 

You might get lucky and not have any of these expenses if the house appreciates and you sell in the next ten years.Besides low-frequency items, you will need to redo carpets, paint and change appliances, and that will depend on your tenant turnover.

@James Wise I had to replace carpet in an infested house with laminate thinking that would fix it but no.Spent a lot on various fumigation without desired results.However, I read about rubbing alcohol+ mint oil mixture...works like a charm.Make sure you find their 'nest' and apply it there.Just go crazy with it and apply it everywhere.They will die on contact.You may need to get rid of furniture that may serve as hideout for them.Springbox is notorious for this.Goodluck.!

If anything happens to that home (new AC, roof repair, carpet, can't place someone for a month or two, etc) you are out of money.

They destroyed the brand new carpeting that was in the house and it had to be replaced.