A high-low price range would be developed to help you out.When you are first starting out just figure any improvements will be the average.

Metals through the years have low periods.

Occupancy in a low rate month is much less important that in high-rate month.

Too many other ways to make more money safely.Go into real estate investing to be profitable, with low risk, having fun.

It could still turn out well, but with such a low budget for repairs it will probably end up costing her quite a bit more up than she is anticipating.

I am weary of the Muncie area because of the population decline and overall low-quality rental market IMO.

I waited for weeks while going through the process, and at the last minute, they sent me a low-ball rent approval amount that was below market.

a 100k, 3/2 purchase, no, low hoa, that rents at $1200+ with a little cosmetic work to capture some equity to boot for cushion, and gain experience, is awesome.....those expenses seem standard...

In this way if tenants dispute items and it takes awhile for CAM to get sorted out then new owner can pull from seller reserve and then whatever is not used for short fall is then released to seller.Even if expenses are fully paid for by tenants you still want to keep costs as low as possible an still save where you can. 

Classic case of a city that once manufactured one or more products and had a strong blue collar influence, but now is mainly low income service jobs.