Preparing to buy first property. Need Help!
Within the next couple months I will be buying my first rental property. I will be implementing a buy and hold strategy with small multifamily properties. My question is, how do I narrow down my search to find the best property on the market right now. I have done my analysis on 17 different duplexes and one fourplex, factoring what profits would be after fixed costs (insurance, taxes, mortgage) and the 50% rule. I then see how much the seller would have to lower the asking price for me to make $100 of profit per unit each month. What else do I need to take into consideration? All the properties are in very similar location aside from a couple and they were all built within 1888 and 1910. Is the next step for me to go on site and check out the properties and the potential work that needs to be put into them (furnace, plumbing, roof, siding)? I would greatly appreciate any insight on what I am not taking into consideration or any comments any one has!!
Thanks.