It also seems wrong to comp off market properties with MLS properties (It is rare to see an off market property that either does not need a lot or work or has risk items). 

I'd use google on each repair item for material and labor. 

Additionally, if this is your first buy and hold, I recommend you choose a multifamily property that needs minor cosmetic upgrades and maybe 1 capex item.

Search for the item you need.

:) The reality is that, the reason people are selling, most often is because of a problem: ie low rents, bad tenants, too many items to fix… etc (yes, sometimes people just want to retire and move on or cash out… ) but that is not what happens most of the time. 

Do NOT mix business and personal items on that line, accounting becomes a nightmare if you do.

Is it important items such as food, emergency savings, retirement, and car insurance?

They can have the future items returned to sender.

First, determine if you are going to be replacing any big-ticket items like roof, HVAC, electric, and plumbing.

First item, liquidity.