If you're a new investor and something like the HVAC goes out it could cost $5k, if you only have $50 in cashflow every month you'll never get ahead enough to have a buffer for big ticket items that could happen before you expect them to.

Here is an example if you get your offer accepted at proposed purchase price:Purchase Price - $60KRepairs - $18K (need to have budget for unexpected items)Closing Costs - $900Carrying Costs (depends on taxes, HOA, Insurance, etc.) - $1500 estimateInterest and Points from Hard Money Loan at 2 points and 12% for 4 months (this is a good deal) - $3600Selling Costs at 6% of list price ($100K ARV) unless you are licensed - $6,000Total Money in deal - $90KNet Profit - $10K (11% cash on cash return)What happens if your repairs are more than budget?

Any thoughts on the neighborhood, demographics, vacancy rate, or other relevant items you can think of will be great. 

It's addition and subtraction.Create a spreadsheet or find one that allows you to enter actual line items, not one that guessimates closing costs to be "10%" of ARV.The HouseFlippingSpreadsheet.com has the best one by far IMO.

One of the items on the list was to replace the kitchen floor (currently adhesive tile that is peeling up).

Starting out is very challenging and the key is you must focus your actions on items that bring you properties. 

Also have your insurance docs and all service contracts handy, and be sure you have invoices/receipts for any and all cap ex items over the past two to three years. 

Are these standard items that should be in a PPM?

The reason I made that known was to point out that they apparently did a lot of work on the house, but missed some big ticket items that could keep the house from selling at all. 

The law does not clearly define abandoned but some of the criteria I use is:-Are most of the valuable items removed-Utilities have been disconnected-Neighbors have not witness the occupants in more than 72 hours-A change of address notice in the mail box or tons of mailI would not attempt to enter without notice but it is not illegal to do so at reasonable times.