I think if it's the only house you have you'd be fine with 5k, more if your income is low/cash flow isn't great.

I might invest in other locations down the road, but I do not plan to invest locally - the rent/purchase price ratio here is so low that properties won't cash flow, and (my opinion) the state's laws are hostile to landlords.

You're looking at historically low cash flow/high appreciation areas and predicting low cash flow.Where are you getting -3% from? 

Why do all flippers feel their homes are worth 20% more than the current high end retail market value, and get so shocked when the appraisals do come in low?  

Indigo does require a low cost monthly subscription but it is a cool idea. 

Rents are low due to close relationships with the tenants and are currently $1400, $1300, $1600 and the owner occupied (parents).

Most of these repairs are inconveniences - noises from pipes in the walls, the AC being low on freon and not cooling very well, broken cabinets, etc.

The really low income areas is more of gambling and speculating and sometimes no matter what the tax benefit is looking like it is not worth owning in those areas.I personally like A to B areas because they tend to hold up better in an economic down turn.

Complete low ball offer?

KITCHEN:  (1) Oak Cabinets, (2) Lowes Laminate Countertop (Item 352060), (3) Bone tile throughout Kitchen & Dining room, (4) Black appliances, (5) Black double sink.