I’ve been building Kove and realizing most of my early landlord headaches came from overcomplicating everything—dashboards, spreadsheets, too many tools.Now it’s just:- One channel for tenants- One place for repairs- Simple reminders for leases + rentWhat would you strip down or automate first? 

Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.Tenant Default: 0-5% probability of eviction or early lease termination.Section 8: Class A rents are too high and won’t be approved.Vacancies: 5-10%, depending on market conditions.Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Class B Properties:Tenant Pool: Majority of FICO scores 620-680, some blemishes, no convictions/evictions in last 5 years.Tenant Default: 5-10% probability of eviction or early lease termination.Vacancies: 10-15%, depending on market conditions.Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, balanced amounts of relative rent & value appreciation.Section 8: Class B rents are usually too high for the Section 8 program.Class C Properties:Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years.

One of the units is already occupied by a tenant, and while the lease seems solid on paper, I have a few concerns I’d appreciate advice on, especially from anyone who’s been in this position before.My wife also asked is it fair to ask why the seller is letting the property go, even if we don’t get a straight answer?

Here’s what to consider based on your situation as a first-time landlord:Tenant Backs Out After Signing a LeaseSince your tenant signed a 13-month lease and paid a deposit, the lease is legally enforceable unless it includes a cancellation or early termination clause.If no such clause exists, the tenant may still be liable for rent until you secure a new tenant.The agency can generally retain the deposit to cover unpaid rent or costs related to re-listing.Any resulting legal fees or rent loss may be deductible on your Schedule E when you file taxes, as part of rental-related expenses.Appealing Your Property Tax AssessmentIf your property taxes increased significantly, you can file an appeal with your local assessor.A successful appeal, supported by comparable property sales or valuation errors—can reduce your property tax bill, improving cash flow.While insurance premiums are not directly tied to tax assessments, a lower assessed value may affect premiums if your policy is based on replacement cost or uses assessed value as part of the underwriting model.Should You Put the Property in an LLC?

Student rentals can often command above-market rents by leasing by the bedroom.

Here's what we use for our Metro Detroit market, which should be adapted to whatever market you're looking at.Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.Tenant Default: 0-5% probability of eviction or early lease termination.Section 8: Class A rents are too high and won’t be approved.Vacancies: 5-10%, depending on market conditions.Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Class B Properties:Tenant Pool: Majority of FICO scores 620-680, some blemishes, no convictions/evictions in last 5 years.Tenant Default: 5-10% probability of eviction or early lease termination.Vacancies: 10-15%, depending on market conditions.Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, balanced amounts of relative rent & value appreciation.Section 8: Class B rents are usually too high for the Section 8 program.Class C Properties:Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years.

Hey @Mina Spice, are you wanting to lease to a sober living operator or run the homes yourself?

The biggest differance with class A in a major metro buildings is you lease the unit so a new tenant moves in same day as past tenant leaves.

I don't think you would need to worry about sub leasing if you're leasing the residence to tenants especially family. 

Hi David - You can keep the panel where it is but make sure the lease clearly states that occasional access may be needed, and commit to giving proper notice and coordinating with tenants in advance.