I am a realtor in Las Vegas and most of my clients live in other states or countries so I frequently have discussions with potential clients concerning how I would determine where to invest.So we are on the same page, I believe all investment properties must meet three criteria: Sustained profitability - The property must generate a positive cash flow today and into the foreseeable future (10+ years).

At least not all that frequently.  

Theres holes in the wall where recliners and chairs smash into them frequently, so i'm pretty safe to say this is NOT normal wear and tear.

Since it is going to have to be used so frequently, I wonder if there is a better way than just pen to calendar.

Since it's your first property you'd ideally either have some familiarity with the area (visited frequently, lived there, family there, etc.).

The most frequent one that I've seen is drainage/sewer problems out of those homes.

If you shoot me an message with your email address I can send you a copy of the one my bank utilizes most frequently.

Another favorite Is FIBI, which I try to frequent as well. 

I drive for dollars frequently, and I am consistantly hopping between apps and my notes page and biggerpockets.com.  

Some of the issues are: rent rates are way below market, poor tenant screening, frequent evictions, excessive damage and repair costs.