For my underwriting I use a fixed percentage for replacement & repair reserves as well as vacancy / credit losses so this helps me to envision what the property will do in the event of a downturn.

.$120 below market x 4 units x 12 months = $5,760 per yearIn two years, that's enough to add a roof, replace all the water heaters, replace a furnace or two, etc.I bet I'm being conservative.

I don't feel ashamed to say " I am not prepared to fix or replace this or that.

(if they are original, that could be something you need to consider as an expense and will need replacing). 

Plus the big guys have more experience negotiating with municipalities for extra incentives to build valuable housing to replace low-income mobiles.I guess it would just come down to your goals, short, medium, and long-term. 

Make a list of items that you would replace and head to the local home improvement store.

We have gutted the entire place, and because of the age (1989), are replacing every valve, electrical outlet, etc.Anyway, that's my sad sorry, and as much as I wish they would pay me for all the repairs I don't expect to see any money except that $600 deposit (already spent all of that on the dumpster).

I had to replace the AC unit itself the first summer after renting it.

I had to replace the AC unit itself the first summer after renting it.

I had to replace the AC unit itself the first summer after renting it.