Attributes I stay away from when buying rentals
I look at a lot of properties, and over the last 2.5 years I've been investing in rentals in the Milwaukee area, I've come up with a few key attributes that I stay away from.
I just have a desire to not have tenants start fires in houses that I own.
Only 1 Bedroom
My lowest bedroom single-family homes are 2 bedrooms. Those type of SFH are nice because you can rent to a single mom with a kid, or to an older couple without kids. I can't see getting good rent and finding a decent property with 1 bedroom.
Boilers (versus furnaces)
When I was growing up we had a boiler and radiators for heat. I hated it. It always seemed cold to me. That's the emotional side. On the practical side, boilers are more expensive to replace than furnaces, and are more expensive to deal with because of their parts and finding technicians to work on them. With a furnace you can connect an A/C unit which is a nice feature for a property.
I stay far, far away from oil tanks. If a property has an oil tank in the basement, I don't even look at it.
Bad Foundation Problems
If a property has a minor foundation problem, I would consider it (I did buy one like this before). If it has major issues, then I'll skip it.
Too Much Rehab
I've taken on properties with a lot of rehab. I don't like it because as a rental, you want to get people in and renting the property quickly. So this was a learning experience.
Can anyone else think of attributes they personally stay away from? And why?