Due to the age of some rentals, other items to consider is concrete driveways / walkways, septic and sewer (if property is on well/septic), landscaping, entry doors / screen doors (my tenants like to ding them up moving stuff in/out, so replacement is about every 5 years or so.

Boom, you just spend 15 grand easy.Now a tenant moves out and the kitchen cabinets doors are falling off, the cabinets are rotted and the horrible yellow vinyl flooring screens 70's + 40 years of abuse and cigarette stains, and the kitchen cabinets are rotted under the sink and the counter needs to be replaced anyway.

Screen Shots would helpAlso what script do you use when the owner calls you back?

And now, the new one has either disappeared or is simply no longer interested in managing this property, since they have not responded to my emails or phone calls in almost a week, and 1 June is right around the corner.At this point I'd like to simply start over and find a third one.

The investors we support typically are buying 3/2 or 2/2 block homes with no pool (for liability reasons).These are HUD houses, and usually only need a light to medium rehab.In the area you described, the rental market is strong, just make sure you have a good screening process.

If you see a for sale sign in the window then take down the phone number. 

I will have the widow's phone soon.  

Yes, I screwed up and didn't screen. 

Do you see an icon  on the top right of your BP screen -- the one that is holding the place for your photo?

My house fit the criteria, and his company was in the middle of expanding so I pitched him the idea over the phone.