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Step 1
What is the condition of the property? If it is clean and well-tended, it is easier to keep it clean and well-tended. You will find out if the property has been taken care of during the inspection phase, but a quick look around will tell you enough information to determine if an inspection is worth the cost.
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Step 2
Check the condition of the appliances. A property or units that have newer appliances mean less replacement costs and installation trouble for you down the road. Check all the appliances - the ones in the kitchen was well as the hot water heater and furnace.
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Step 3
Plumbing and electrical issues are not a problem IF you have all the issues fixed as part of the closing. Have every leak plugged. Make sure all the wiring is done safely and up to code. Make sure all gas lines are functioning optimally. Have all work performed by a licensed contractor and have your inspector come back and check the work.
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Step 4
If there is a large yard or common area to maintain, factor this into the cost of the property. Even if you maintain the grounds yourself, there are still costs involved. If you can find a property that does not have a large yard to maintain, this is even better.
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Step 5
Determine what kind of tenant the property will attract. Keep in mind that your goal is to get tenants that will move in, take care of the place and want to stay. College properties have a lot of turnover during the summer. Properties with high rents attract people with more income whom may be more likely to move out because of a job move or buy a house.
