What you are seeing is a highly unorganised, often fly by night, business where personal opinions rather than good common scenes business practices often rules.

The bar she has to cross is that of "intent" - that her intent in converting the house was to hold it for productive investment use.  

So at the end of one year, barring no maintenance you will have 7800 + 1600 (1st months rent), + 1600 deposits for a total of $11,000 maintenance reserve after 12-13 months.  3.  

The basement also has a family room, wet bar and office.

I mean just look at rip off report for much less things.. like hey this retail company sells luke warm coffee  LOL.. here you have people taking loss's in the thousands to multi thousands and really not a lot of them are doing much unless there is a behind the scenes things going on like maybe a few of them have banded together and lawyered up and the lawyers are saying stay off of social media.. that type of thing..

Barring that , you could order a new panel from HD or Lowes, but that will be pricey.

I'm hoping that, barring some kind of unforeseen issue with the foundation or sewer lines (or something else), the additional 4k I tacked on should be enough to take care of those things.I know there are a lot of unknowns at this point, but based on what is currently known, and assuming that there aren't any other significant issues requiring immediate and costly attention, do you feel that this is potentially a good/manageable rehab project for a first-timer, with good performance as a rental property given the potential for cash flow?

I've started surveying the multifamily scene in Greeley, cataloging the info of small buildings that interest me.  

Idea is to convert to restaurant/bar (which it was prior to last use).

Some place lively, close to restaurants, shops and bars.