$500 per door for estimated repairs seems reasonable given the -somewhat- recent renovations. 

When you calculate your cap rate (NOI - net operating income / Purchase Price) do you include your closing costs and initial repairs in your calculation or do you just go with the actual purchase price and leave those costs out?

Calculate your bottom line using 70% of ARV (After Repair Value).Do not spend more than (.7*ARV)-RC (Repair Costs)Example: House is appraised at $100,000 *if repairs are made*...7*100k = 70k.Repair costs are expected to be $25k. 70k-25k = $45,000 (DO NOT BUY THE HOUSE IF IT IS OVER $45k)Take another look at the ‘going rate’ of rent in your area, make sure your cash flow is enough to cover ALL costs and include a buffer for taxes and unexpected repairs.Look at the property yourself - try to eliminate assumptions.Have a trusted professional assess and confirm info about repairs that may have been overlooked.Look at how much work you can do on your own and compare it with contractor rates to complete all repairs.

If the answer to that question is no then the repairs that you made to the property are capitalized and depreciated once it is placed in service.

No repairs (new paint, any sort of updates you want to do once you buy it, etc.)?

There is only a 2 week period properties are empty to allow for turnover repairs & cleaning.

I had to call them to repair my mess, and they were quite helpful and kind despite the great deal of work they had to put in.

So, I’m going to use the extra money from my loan to cover closing and repair costs (if necessary).

So, I’m going to use the extra money from my loan to cover closing and repair costs (if necessary).

I’ve found that you need more like a 1.25% rent ratio in Houston, if you want to budget for property management, vacancy, repairs, and capex.