They are mostly single female, maybe with a pet, and will want a safe location and probably nothing too big to have to maintain. 

Well maintained.

Anyway, point is you don't always have to replace things - sometimes you can make repairs that are perfectly fine, cost less money, and maintain the integrity of the home.

I'm not trying to stoke the fire or say my opinion is the best, I'm honestly curious as to peoples thoughts on this topicCheers.

Perhaps you keep at the 1% so that you can maintain cash flow but then take an additional 5-10% in sweat equity. 

Well, besides PITI, there's maintenance which is basically the amount you allot to take care of things like replacing a door lock that someone used a pliers on, broken glass, door weather seals, HVAC maintenance, supplies to maintain the lawn, termite treatment, replacement boards for the fence, caulk and paint, etc.

and a choice of affordable perks the tenant can choose from that also maintains or improvs the property and when combined with a reasonable rent increase you are more or less doing the improvements on the tenants dime. win win.

Instead of shabby chic, motels and campsites are being upgraded to glamping and ecotourism- hints of luxury while maintaining simplicity.For two examples (my family recently visited and loved) see Switzerland Inn and Bear Den Family Campground.

He wants to maintain that throughout retirement, which begins next year at age 65. 

Is there any reality that the loan will be called based on a failure to maintain  the equity ratio?