Condition = Peace of Mind (AND lower expenses)Peoria is:new roofnew water heaterupdated flooringnew paintelderly-owned (usually low wear-and-tear)Gilbert is:old carpetssmells like petsmissing closetbroken blindsneeds paintdated interiorEvery dollar of deferred maintenance becomes your dollar the moment you close.Your first rental should NEVER be the one that drains you during the first 12–24 months.4.

•Site conditions: Will significant earthwork or grading be required to bring it up to code?

They have SCAD, Memorial Health University, and the new Enmarket Arena that's gonna bring more than ample traffic year-round.

I'd like to have the property in a condition to be rented within 2 months of closing.  

And have the yards been left to grow 5 feet tall etc etc.current condition will dictate exit on these. 

The rule he'll encounter is the 100 mile FHA rule.It can be planned around but he would have to move out of the current residence first for 6+ months then apply using FHA from the hypothetical rental to purchase using FHA (mortgage planning counter to the rule).He could also use conventional 5% down (Fannie or Freddie Mac) to avert the situation above with FHA since conventional does not have guidelines that put conditions upon obtaining subsequent properties (such as that 100 mile FHA rule).

I also received a letter from the county saying that my property is in violation of several health and safety codes. 

You’re living on site, so picking a place that feels comfortable, safe, and manageable matters just as much as the math.Before jumping in, make sure you understand what the realistic rent will be, what condition the major systems are in, and what you’re willing to take on. 

I'd add that because wholesale deals are more likely to be atypical in some way (for example, they wouldn't pass a normal inspection, or are in worse condition than normal properties, and sometimes close faster than normal), some wholesalers or real estate agents that work with wholesalers will try to throw in additional junk fees to take advantage of the buyers lack of experience.

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.