Repairs are the big unknown, You'll have an inspection done to tell you if there are any lurking issues.

The property needs repairs so it would be better if I could have less in to put more towards repairs.2.

Repairs are 36k or likely 45k if I have to convert from well water to county water (I'm noticing that the well is on the edge of the rear boundary, which could be a problem in future).

They will come up with an estimate to do the repairs. 

Even when they tell you that the property is sold, continue analyzing and find out whether you would really pay asking price after knowing all the financials, recent repairs, board of association, recent changes in regulations, etc.

Data:Initial cost = $500/yearService calls = $75/eachAssume, the rent on the property is $1,200/month and a 5% repair reserve ($1,200*12*0.05) = $720/yearUnder this scenario, it tells me the breakeven is about three (3) service calls per year with the warranty company. 

I'm also getting into the investing game so I understand what repairs are a must to be habitable for tenants and which can wait. 

I would like to pull out a HELOC on a duplex that I bought for $92000, put down $13000, now have an existing loan for $79000, but if I can make a few updates and repairs to the exterior... this is in a market where this house would be worth $160000

After you get it repaired and stable, then you could refi it with fannie/freddie or other non-recourse

Repair might take some time maybe weeks as they need to order parts.