I am a flipper mainly now - but working on some new construction too.

We only received the deposit claim today, so we should be within the 15 day period.The following two paragraphs are the only ones that tackle repairs:"Tenant agrees to take good care of the house and its equipment, or if damaged, other than ordinary wear and tear, Tenant will make repairs and replacement equal in quality to the original construction and if the Landlord makes these repairs, the Tenant agrees to pay cost of same upon presentation of bills.""

These are very important words to live by, you must always separate the emotion and the business, its about building wealth through value.I think we are seeing the polar opposite today in Cleveland, we have a crazy surge in new construction apartments along with massive conversion of commercial to residential, with a 99% occupancy rate.

If any work my family does construction for a living.

I know they go MLS to get best price, I have no idea if there are pitfalls or what not, new to investing but 12 years in government construction as self performing contractor.

I know new construction must be to code, but what about older buildings? 

Your plan does have great bones.

I have been in the construction industry all my life and would be more than willing to try to answer any questions structure related. 

Depending on the brand name of equipment, you may have parts-only costs of about $2000 for a bare bones unit and ducts to $4000+.I would infer as to the equipment brand name and costs. 

At that price and rent, I would be concerned that its in a lower class neighborhood, and be concerned with the issues associated with renting in lower class areas.As for the flood price, I have a duplex insured for $165k, new construction, built 1.5ft above base flood elevation (BFE), and my insurance was $650/yr, so if your property is in a flood zone, your policy will likely be more than $400/yr.With those rents, it will cash flow even if financed.