This is because in practice buildings don't fully lose their value after 27.5 years - you will have some capitalized expenses - roof/HVAC/carpet etc. 

Demo,  new appliances, carpet,  paint,  cabinets,  granite,  fixtures, update of bathrooms would run me $15k alone. 

We both put in 'on the ground work' for the place, which was mostly very minor fix-up jobs (carpet, paint, doors, cleaning, etc). 

Each item has a published replacement life, such as Heater, carpet etc.

. $145 would be way too much especially with 2 full baths, kitchen and carpets with the comps you are looking at. 

I was carpet bombing a zip she had 4 properties in, so she got 20 pieces from me in 7 weeks.  

Only expense I see is replacing carpet in the future if someone moves out. 

and he said "60.1k". so here we are. i just closed on it at 60.1k cash. rent is around 1k per month. taxes are around $2200insurance is 50 per monthupdates include countertop, remove carpet, clean hardwood, close off fireplace in BEDROOM!!!

I almost feel like if I were there seeing busted up cabinets and smelling nasty carpet that I would get in my own way.  

So we'll be out closing cost which should be less than 1K and make ready (some paint and carpet).