I've generally bought places just needing cosmetic repairs where the landlords were absent.  

My current plan is to live in the duplex, make some cosmetic improvements (one side needed some work) and repeat. 

I have been to a few of the Philly real estate investor meetings and am planning on making it part of my routine to get involved. 

It sounds like you just need a cosmetic repair, and in that case, I think most of the time it's worth doing the repairs before flipping it.

@Ted Phelps sure, I am looking for a single family home with no foundation issues, that requires major cosmetic updates like a kitchen and bathroom makeover, flooring, painting etc

They're changing the locks because it was found to be abandoned and their property preservation company will be coming by to check on the property routinely and they need access.  

Of course if your plumbing to the STREET is brand new and you have new pex... you have new wiring new roof New mechanicals.. the rest of cosmetic if the house has good bones.. that helps for sure. its hard to make a case study with just one home.you could also have one were the tenant left at 5  months and did 5k of damage.or you could be buying in Dallas area and have your foundation go wonky and spend 3 to 5k fixing it .. which happens on almost all homes in that area. etc etc  some of this is regionalize for sure.

If this is a personal IRA, as soon as you open any type of business and become self employed, you can convert it to a solo 401K.You could open a Tupperware or Mary Kay Cosmetics business and then convert your IRA, so long as you work the new venture as a real business, trying to make money!

Price: 495KAmount needed to rehab: We are guessing about 12k for cosmetic landscaping and signage.

It's not possible to include all disastrous events, however, are there other routine expenses I should look for?