You should compel the duct guys to cover this for you, or deduct the repair cost from their invoice if you haven't paid them yet.

There SHOULD be some amount of equity into a property you buy that requires work to be done to it if it's actually a good to decent deal, but you'd have to know that by running numbers and estimating rehab, not just going off of a gut instinct as nothing is given for free in that manner.

There's definitely some hesitation for landlords, in my experience, to operate in a (large scale) manner that might hypothetically be impermissible... and even to buy properties assuming they will be great short/shorter term rentals, but might, ultimately, not make sense as a long-term rental (and then have the regulatory environment change making their property way over-valued).

Distressed sales are not comps, unless all the comps were distressed in the same manner as the subject, that's not a market value but an expected sale price tobe received. :)

Its always good to have friends and people you know in trades, but to expect them to show up and do the job in a timely manner is asking for too much.

I've decided to invest in Raleigh and its surrounding areas for several compelling reasons, particularly in today's real estate climate.

Those acquiring appreciating assets in a strategic manner, are operating the "get-rich-slow" program, empowering time to do it's thing, and as each little step and years add up, will grow a cash-flow that is the envy of bench-warmers. 

@Pradeep Baptist I agree with @Michael Le points except that the preferred return may or may not be set up in this manner.  

Is that reason so compelling that you want to add risk to a sizable paid-for portfolio?

IE, is there return in updating the old heating and cooling systems, or adding beds/baths, or interior updates (why everyone wanted to use wood paneling is compelling beyond me!)?