There were times the expenses like new roofs, furnaces, and damages, may have gone over the $100 a month for a property that I had budgeted, but I had enough money in Escrow to cover those properties, and so I never was left with a negative amount in my bank account.  

The implied warranty of habitability requires landlords to maintain their rental units in a condition fit for the “occupation of human beings.”86 In addition, the rental unit must “substantially comply” with building and housing code standards that materially affect tenants’ health and safety.87A dwelling may be considered uninhabitable (unliveable) if it substantially lacks any of the following:88• Effective waterproofing and weather protection of roof and exterior walls, including unbroken windows and doors.• Plumbing facilities in good working order, including hot and cold running water, connected to a sewage disposal system.• Gas facilities in good working order.• Heating facilities in good working order. • An electric system, including lighting, wiring, and equipment, in good working order.• Clean and sanitary buildings, grounds, and appurtenances (for example, a garden or a detached garage), free from debris, filth, rubbish, garbage, rodents, and vermin.• Adequate trash receptacles in good repair.• Floors, stairways, and railings in good repair.In addition to these requirements, each rental unit must have all of the following:• A working toilet, wash basin, and bathtub or shower.

Are there any foreseeable expenses coming up (e.g. roof)?

Income:Rent = $3570/mo (from the owner)Laundry = $40/mo (my estimate)Total Income = $3610/moExpenses:Operation = $1017/mo (Vacancy 5%, Maintenance 5%, PM 10%, CapEx $295/mo)Fixed = $1047/mo (Taxes $8300/yr, Insurance $2000/yr, Utilities $134/mo, Lawn/Snow $60/mo)Total Expenses = $2064/moNOI = $1505/moCapEx is based on my spreadsheet adding roof, paint, HVAC, water heaters, etc, taking into account the estimated life span and replacement cost of each.  

Introduce mandatory quiet hours and you'll save yourself a steep learning curve from the beginning.

If the roof rafters have enough overhang and the ground doesn't slope towards the house then I would say you're good.

Hey BP,Any good foundation, plumbing, or roofing referrals for the area?

Everything needs to be done from roof to plumbing the whole nine yard.

How is the roof, windows?

I have not seen inside yet to know if adding a 2nd bath is even a possibility.What is a ballpark figure for a total gut job (including new roof) of a 1500 SF two story home?