Renovations included complete exterior: roof, gutters, soffit, fascia and siding.

Specs on this house:  4 bed, 2 bath, "ugly" house, decent condition, needed new roof, we subsequently discovered a previously abandoned oil tank which seller had to remove.   

A property I am interested in purchasing had some extensive repairs - water leak from roof resulted in wood rot.  

If it's polybutylene (flexible black stuff), plan to replace all of it before anything else.How's the roof?

While there may not be a large profit margin, there is not much to do to the property.Here are the details:Del City, OK Area (Oklahoma City, OK)1 Bed; 1 Bath840 Sq Ft on 0.38 AcreCentral Heat/AirWhole house pre-plumbedCount Assessed Value = $58,000Zillow's Estimated Value = $66,700The roof has a new deck, and it needs to be shingled, but he already has the shingles on site.

The biggest reason I would like to do it is from the aspect of my tenants paying the student loans back for me.

The John Martinez gives a better understanding of the psychological aspect of decision making, but Steve Trang has better real world application, in my opinion.

Roof looks older, but still has some life left, no chimney caps, probably needs some tuck pointing.  

You now have to have a license which is dirt cheap and you can use it as an advertising aspect of your business if you have quality apartment units.

It's like finding a unicorn on the head of a needle buried in a haystack.Targeting the specific question about cash reserve:  ask the seller about deferred maintenance, the age of the roof, and the age of the mechanicals.