Condition: If it needs rehab, make sure the cost fits your budget and your comfort level with managing/overseeing the work.Neighborhood: Look for steady rental demand and low turnover.Mitigating Risk: Many new investors start with turnkey or pre-leased rentals in Midwest/Southeast markets -they often come with built-in cash flow, builder incentives, and property management systems.

Yes I do know that I lose $1000-$2000 a year by being lax on the small portions not being paid but considering the guaranteed portions are so large It is a situation I am ok with.

Thanks KP - I paid too much at the time and got really lucky having some really handy tenants, but it has worked out. 

Do you know what to look for in pre-2000 properties?

Big-ticket items with a visible fuse—roof, HVAC, parking, elevators—should be pre-funded on a glide path so you’re not relying on last-minute calls.

Also we have paid off houses, depending on our age and stage in life.  

Approximately $763 monthly principal and interest payments on 130k with 15% down.With 20% down the par no points paid rate would be 6.875% as of today for a 30-year fixed conventional investment mortgage.

Add that to cash paid.5 - Were there any repairs or maintenance paid for? 

The highest-leverage fixes are super simple:Rent collection → AI chases rent until it’s paid.

Are you being paid by a local, state or federal program?