Also, are there any other expenses I should take into consideration for instance replacing the chain link fence with a privacy fence in the back yard?

Your risk profile could be either an (S) or a (W).Your opportunities are directly related to your (S) and (W).Threats could be your risk profile.Other strengths could be, knowledge of a particular class of renters, or etc...Of the (4), (W) is the hardest to define, because you don't always know what you don't know.If you are not high in experience, doing the SWOT with someone who knows your particular investment (SF, MF, Class-C, Class-B, rent to own, Air-BnB, etc...) might prove to be a helpful experience.Maybe if you outlined your investment business model (what your looking to do)...it might help.I say this because, for instance, my SWOT (and business model) for large multi-family would not line up too well with someone making money from Air-BnB, or tough neighborhoods.Good Luck!

Replacing only the circuit breakers, for instance with new UBI breakers, is likely to increase the risk of an electrical fire”.So you might consider just biting the bullet and replacing the panels, rather than hoping they'll pass inspection. 

It takes money to cover all that which is why ideally you want to be making more than PITI, so you can cover/save for those instances.

For instance, the person that sold in 2006 cannot use that appraisal for 2009 or 2010 due to values.

Airbnb contract with guests is written as a limited license for the use of your property in this one instance. 

I think you should get some legal advice about your situation though in the first instance.

Maybe they are famous… idk. 

I just always hear on BP podcast, etc to use actual numbers in your underwriting, but never mention an instance like this.

For instance monthly expenses is '$27,565/$1938', monthly cash flow is '-$27565/$62', and CoC is -681.7%/Inf%'.