It needs about $25K in repairs to make the property presentable/livable.

However, everything else about this property lines up very well, and I want to pull the trigger or move on asap, since I've already analyzed it forwards and backwards.Here are the details:625k PPcurrent monthly income $5,600, annual income after expenses (utilities, taxes, maintenance, repairs) is 46k, which would cash flow after debt service, but not a ton.However.

Should I be aware of potential headaches ahead should I pursue? 

One of the projects that are underway with Akron and surrounding area, where the City of Akron are doing a Tax Abatement for 15 years, with residential rehabs, and new construction, 5k or more in repair. 

Can one buy a property buy pre-renting for blocks of time ahead of the actual purchase?

Cast iron piping is an expensive repair or replacement too.Retrofitting old windows and HVAC are more costly too.I would recommend hiring an experienced property inspector who is familiar with older homes.

I don’t know the rules, but after much consideration we gave our contractor the go-ahead to do it on a remodel of our two story primary residence in Sherman Oaks back in 2004.

Even with $50000 labor  and $50000 in repairs per year.

I tried to overcome that objection by explaining that, unlike a LTR, STR's are professionally cleaned almost weekly and during that time they are inspected for damage and if any, repairs are made immediately.

Just to let you know an additional thing you need to do is to keep some of the material used in case you have a repair later and using the same material assures you on the color whether it is still available or not.You are going to love this next statement.