During COVID, evictions stacked up costing tons of legal fees and bad debt.  

I'm not sure what area you are looking at but purchasing a lot here in colorado for example you'll have the costs of drilling a well, installing a septic system, running power to your lot, installing a driveway, etc, etc.

Is there a way I can wrap renovation costs into a conventional loan?

I noticed that one individual is taking a higher replacement cost compared to the other.

Seems like NNN is aSlam Dunk At 6-7 Cap Rates.If you can borrow at similar costs tocap rates and put 30-40% Down.

For a property with $101k income, it might be worthwhile upon purchase to do a cost segregation study so that you can front load the depreciation.

If you evict, you'll bear the costs of the eviction, plus the turnover/vacancy and on average have the same situation as it sounds like you have a typical tenant in terms of payment.

I normally advise people to self manage for the first part of their journey if they can so that they can get a knowledge base to become better investors.At some point if you get to enough units self management is tough and its too costly to hire an employee so the numbers make sense hiring a property manager.To be blunt, you are going down a risky path for an investor.  

Reason why is you may think it costs $250K to clean up and then they realize it is $2.5M.

These could lead to leaks or blockages, requiring costly repairs or replacements down the line.