You might be surprised at what you will come up using that money for.

Great point on the pressure release valve Ben, if you dont test it regularly ( obviously when tank is OFF and COOL for cleaning so you dont get burned ) when you do test it, dont be surprised when it continues to drip and needs replacing then.Also another problem I see all the times along this line is the missing pipe from the pressure release to within a few inches of the ground, without that, if the pressure valve ever trips, it shoots the boiling water directly out instead of to the ground.

I am surprise to hear that Charlotte is described as an "emerging" market - living here, I would say it is very much "emerged."

Finally, aesthetic improvements aside...you need a decent reserve to cover inevitable surprises that will, again inevitably, cost more than you think.

No big ugly surprises, even a few pleasant ones.

Sometimes the fix is quick and surprisingly easy so your interior French drain would be a waste.

Mold and infestation all over the walls in the back, alarm is going off bc of the water leak shortcircuiting everything, I'm surprised it hasn't caught fire yet.3 - 2 bedroom appt - Single mom, kid, dog living in the place.

It has always surprised me in my day job, most people I've worked with, worked on a project or solving a problem for 8 hours a day and then they are done until tomorrow.

With a home warranty, there will be no surprises. 

If you took your money and put it down on a new car; few people would be surprised.