The remodel included new roofs, AC, hot water tanks, updates to electrical, ect… Not sure about the 7 unit complex yet as to when it was last remodeled. 50% of the leases are one year and the other are month to month.

They still have yet to come and turn on the electric since they needed me there to do it. 

With the assumption the tenant pays most of the water, gas, electric...Purchase Details -------------------- Purchase Price = 80,000 Closing Costs = 4,500 Renovations = 1,500Down Payment ($) = 20,000 Down Payment (%) = 25 Interest Rate (%) = 5 Years = 30Income (Monthly / Yearly) ------------------------------ Rent = 2,200 / 26,400Expenses (Monthly / Yearly) ------------------------------ Property Tax = 250 / 3,000Management Fee = 220 / 2,640 Insurance = 145 / 1,740 Water = 50 / 600 Sewage = 100 / 1,200 Electricity = 50 / 1,200Repair Estimate = 291.67 / 3,500 Vacancy Estimate = 150 / 1,800Misc = 100 / 1,200Results ---------- Cash Required = 26,000 Loan Required = 60,000Monthly ---------- Income = 2,200 Expenses = 1,356.67 Financing = 322.09 Net Income = 521.24Yearly ---------- Income = 26,400 Expenses = 16,280 Financing = 3,865.12 Net Income = 6,254.88Capitalization = 11.77% ROI / COCR = 24.06%

Taxes, Insurance, Water, Electric, would there be anything else?

But, usually the problem is other things....no rotten wood, no peeling paint, no "trip hazards", electrical and plumbing up to code, windows must function properly, etc.  

Debating if should get in there, un-winterize it, pay the heating bill & electric through the winter. 

The building we did get had been left unmanaged for 9 months, the owners had just stopped collecting rent and the tenants kept paying for water and electricity, so they had it pretty easy.

Or what if he hired someone who was also unlicensed (since he obviously doesn't see the need for licenses) to take care of some electrical repairs and the next day your house caught on fire because of faulty wiring? 

I always put them in if the property was a total gut renovation with all new bathrooms, kitchen and electrical.

In my experience most issues that need immediate attention are water / plumbing related and to a lesser extent electrical.