First of all, in order to consider any type of residential investment, one must consider the following:
(1) Are there other rentals in close proximity ( ie -on the same street)?
(2) Is the property single-family or multi-family use?
(3) Type of neighborhood (stable, unstable)?
(4) What are the surroundings (ie., schools, grocery store, parks, retail)
(5) What are the demographics? (average age, population, family-oriented, and the like)
(6) What are the crime stats?
(7) Make sure you obtain preliminary appraisal.
(8) Have an engineer check out the foundation
(9) Have a home inspector to thoroughly check out the house ( especially the roof and electrical).
(10) Find out the average time a house sells in the area, because home that are selling at $250k or less sell the fastest ( 3 months or less).
(11) Obtain a preliminary O&E from a title company. (Ownership and Encumbrances to make sure the title is not clouded or have a lot of liens)
The above is just a few items that need to be checked out before investing in a residential property.
But, please request a call from me and we can go into a more detailed conversation!
Thank you!