I'm not sure where shingles originate, but I doubt that it's China.

You didn't budget for any upkeep of the building, no new hot water heaters or shingles, no lawn care or snow removal... etc etc etc.

He earned quick money as a wholesaler, and I have a house to keep)Rehab cost: $20k (vinyl floor, interior paint, new dual pane windows, new toilets and bathroom vanities, lights, new landscape, new AC condenser, all done by handyman, spent some extra money for minor plumbing and electric jobs, hydro jet sewer lines, clean up attic (had mice), added some insulationTime spent: 3 weeks (two handymen for the first two weeks, one for the last week)Value after repair: probably around $440kJobs still need to be done later: some dryrots, roof work (it's tile roof, roof doctor quoted me $9k, handyman said probably $5k, home inspector said $15k you can get a new shingle roof.

@Jack BeaudoinAsbestos/portland siding (tile/plank/shingle) is low risk (not friable) unless it is disturbed (i.e. drilling holes).  

I'm getting top dollar rent for the home now, so I need to be careful not to push the rents too high.There used to be a wall A/C which hung over the garage roof and damaged the shingles, so we removed it when we purchased the home.

A new 3 tab asphalt shingle roof cost roughly the same for a 1000sf home in Taft that rents for $600 or a 1000sf home near the coast that rents for $2400.I have some older homes and some years, maintenance and repairs can exceed my total gross income on a particular home.  

The house is vacant, the roof shingles are bad and it leaks, so the sheet rock in the ceiling has been wet and is moldy.

If the house needs a new roof go with a shingle that dimension to it. 

The construction guy came in the house and said the only fix was to rip out the roof, put all new boards and shingles down.

And the shingles probably last a little longer since the panels are blocking the UV.