A low price alone does not make a property a good deal. A good deal is one where the numbers, the condition, and the exit all make sense together, even when something does not go exactly as planned.

First, I look at the full monthly picture, not just rent minus mortgage. Taxes, insurance, maintenance, vacancy, management, and reserves for larger repairs all belong in the calculation. If a deal only works when every cost is optimistic, it is not as strong as it looks.

Second, I check whether the rent is realistic. That means looking at comparable leased homes and current listings, not just the rent stated in a listing. A rent number that cannot be supported will quietly undo the rest of the analysis.

Third, I look at condition and timing. A home with a newer roof and systems may cost more up front and still be the better deal than a cheaper home that needs major work soon. The question is not only what you pay today, but what you will need to spend to keep the home safe, functional, and rentable.

Fourth, I think about flexibility. Can the property work as a long-term rental, and is there a sensible plan if rents soften or a repair comes up? A deal with more than one workable path is usually less fragile than a deal that depends on a single outcome.

Finally, I leave room for surprises. A good deal should still make sense after a vacancy, a repair, or a slower month, even if it is less comfortable. That margin is what turns a promising spreadsheet into a property you can hold with confidence.

What do you look at first when you are deciding whether a property is truly a good deal — the numbers, the condition, or the exit plan, and why?