A claims adjuster said , from their inspection of the home, that some of the attic insulation is of mineral fiber and likely asbestos.

I don't know how many times we provide real comps to the appraisers to help them adjust their number to fall in line with reality, but I'm pretty sure it is every other day. 

Assignment of leases--Our closer assured us that if any of the tenants decided not to pay rent on the grounds that we are not the ones who entered the lease originally, that they would lose due to the fact that the property was obviously sold to us, but we are in the process now of having the tenants sign new leases which are identical to the ones they signed with former owner.

It’s been hard adjusting the past 7 years but I’m ready to get my feet wet in the real estate market here.

But, as you point out, it eventually will be in that 5th year, if your prediction holds true.So, if I were confident that $15K is the correct repair cost, and also that 5 years was the likely time-frame, then I would wisely set aside that $3K each year as an actual expense that would come out of income and go into a separate CAPEX account for accounting purposes.I would then adjust my NOI number accordingly and recalculate CoC.

The consequences of making a bad decision are enormous and the financial impact can follow you forever.Homes are not like garden rakes, where one is pretty much identical to another. 

In analyzing, I would often calculate a 10% vacancy into my expenses (shout out to Michael Blank), estimate repairs, adjust rents, and usually wind up with very little in return in regards to cash flow and ROI.

I'll definitely look into the town meeting minutes on rentals before I make any moves and adjust my strategy accordingly. 

It also depends on there goals and they can adjust to make it fit there goals.

There are many available online that are created to be very general/broad, so if you plan on going the DIY route I would say finding one of those might suit you best - I am pretty used to adjusting them significantly, so the drafts I have aren't generally applicable without adding to them.