@Bryan Otteson "cost segregation study and changing depreciation" - Would you mind elaborating a bit more on that?

I never knew in my personal home that there was water leaking in from the outside into my panel until I did a bathroom and kitchen renovation; the wires were frayed, rust in the panel (just a hot mess); the electrician said I was ONE lightening spark away from a hazard (including death or injury of myself or my family). 

@Paul Choi    Be careful investing in Midwest markets, especially in cities that are in the "rust belt."

Thanks for the advise @bryan o.

My experience has been water heaters first show their life expiration with a leak, typically at the bottom when the tank rusts through or at the top (ala Jon's geyser).

I agree with Bryan, we did a flip this summer and had orange peel on ceilings - seems to be a thing right now in our neck of the woods. 

We can see these wild swings in many markets in the mid west and bigger rust belt cities were what were fabulous neighborhoods with good rents.. the homes or apartments are boarded.. one still has to choose wisely to protect your investmentJust like many sellers of homes will put an appreciation number to add into the mix with the ROI numbers they are touting and its usually a small number but it puffs the sales brochure and folks will fixate on that higher number.. when any modest gain in values is eaten up in sales costs and usually unexpected cap ex. or extended vacancy

Every major mid west rust best deep south market will meet the metrics you described above.... 

bryan, what's a bookkeeper running you?

@Bryan L.