Compare sold prices of properties in the area. If you pay a price too high, you might have to charge a high rent. Renters who can afford a high rent can afford to buy.
Ask the city about the zoning for the property you are buying. Ask them if there is any restriction as far as renting and if the property is a conforming or non-conforming property. Some properties are zoned commercials even though they are being used as residential.
Tax code changes from time to time. A big tax bill must not be a surprise. The higher the price the higher property taxes will be.
You need to know your operating expenses, your mortgage payments, property taxes, insurance. Does the property make sense financially as an investment? Is it going to generate any cash flow?
Is the property currently rented. Are the tenants moving out or staying. What kind of lease tenants have. If property is rented collect security deposit at closing.
Find people who are willing to move in
The seller's current insurance might be based on a lower coverage. If you purchase the property for a higher price, your insurance premiums will be higher.
Ask the current owner about utility bills. If it is rented ask the tenant. Tenants are great source of information. Are utilities included with the rent? Do your math.
Hire a professional inspector to examine the structural and mechanical system of the property. Do not pick up in cosmmetics.
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