My opinion is that you need to have experience in Airbnb or hire a professional so your investment is worthwhile, you will be competing with locals and exterior investors.

I normally am underwriting 5% for maintenance and 5% for CapEx when I do a deal, but I am also separating out the upfront CapEx items like a roof, tuck pointing, porches, windows, exterior concrete, common areas, laundry upgrades, etc. 

In many below-grade basements, especially older homes, you will need to excavate some of the exterior grade and cut in a new window.  

To top it off, city inspectors in our area thought it would be a great time to cite property owners for minor exterior repairs like chipping paint and loose brick on exteriors.Like most landlords with a mid size portfolio, we do financial verification and background checks on all tenants. 

We increased the rents after rehabbing two units, replacing the roof, painting the exterior, removing trees, upgrading the electrical from fuse boxes to circuit breakers, and replacing various plumbing including the main stack.

The building is >100 years old, has a brick foundation, and all exterior gutters and sloping appears to be in good condition directing water away from the house.

I feel 75k will repair roof and exterior walls and ceiling and several other line items. 

We are 6 weeks into our 8 unit rehab, for weeks 1-5 see https://www.biggerpockets.com/...Week 6 brings the laying of the last of our landscape timbers on the exterior, this section also forms as a retaining wall to keep the parking spot we found buried. 

Same for mold.Expect your inspector to start at the exterior, and look at roofing systems, gutters, windows, siding and grading. 

@Jody Sperling thank you for explaining.I will look for charter or magnet schools to apply near us.