Classifying deferred maintenance as "repairs" or "initial cost"

[Alex Silang]

I bought my first property a few months ago. There was a lot of deferred maintenance which ended up adding up to about 15% of what put in as a downpayment. 

Fortunately, the property is currently cashflowing nicely. 

In my accounting books, should I classify this "deferred maintenance" as a "repair" (and factor that into my repair budget), or consider it simply as a cost of buying the house (affecting cash-on-cash and cap rate statistics)?