Everything is new: plumbing, electrical, roof, HVAC, water heater, etc. 

During the pending period, the appraisal came in below our offer price, so we renegotiated: I agreed to take on the roof repairs and close sooner in exchange for the seller reducing the sales price to match the appraisal.

The roof got blown off several years ago and the insurance took care of it so it has a brand new roof and the upstairs water heater is pretty new. 

In one year, I went from having to buy a new roof to not having tenants for 3 months (which meant paying a mortgage and rent at my other location), as well as dealing with expenses from moving out of state, I was stretched too thin.

During inspection we found mold, a roof that needed full replacement, and electrical issues.

The home was built in 1951, and the roof is about 10 years old.

Since the unit is fully renovated from top to bottom and the exterior roof looks decent, I'm not expecting big out-of-pocket expenses, even though I do have a plan for them.

On properties in that price range (which are often a bit older), one big-ticket item can pop up fast—think an HVAC unit failing in the middle of August or a roof issue after a big hail storm.Your plan to aggressively pay down and drop PMI is smart.

Electrical, Plumbing, HVAC, roof, etc? 

You buy a cheap delapitated property half a continent away in the hopes of $200 cash flow, but also the looming threat that you need a new roof for $15,000 at the same time when the 100 year old sewer lateral decides it's time to break and you have to excavate under the house and all the way out to the street.