My worry would be that the tenant pool is much smaller and that it would go vacant for extended periods of time.Also, I would be sure to take a very detailed look at the CC&Rs to make sure that you are able to rent.

I wouldn’t count on being able to convert the basement to a fifth unit (towns usually strongly oppose basement units) but as a 4 unit it seems worth a more detailed look.

You are better off near downtown and the economy is diversified and the population is growing.Always remember to do the math analysis and try to look at the prospective property before you make an offer or at least have a clause in the sales agreement that allows you the time (about 15 days) to do a detailed look and possibility to back out of the deal without a penalty that will hurt you too bad.  

@Charlie Moore We do a full video walk-thru on every property our clients write an offer on...always starting in the basement or crawl if available...we look atFoundation for signs of deterioration of damage, or signs of water intrusion or settlingHot water tank or boiler...basically just age and general condition hereHVAC/Duct work...age of system and type of duct work...looking for asbestos wrapped joints as well...and possible code issue with gas linesElectric panel- to make sure its updated and there are no obvious issues...Floor joist to make sure none are sagging or crackedExterior we look at all componentsRoof- general age and number of layers if its shingleGutters and downspouts- for damage and drainage...water needs to get away from the house and foundationSoffit/Fascia- for obvious damage or wood rotSiding- general condition and damageWindows and doors- general condition and functionGrading/drainage..porches and sidewalksTree location and possible root damageInteriorGeneral condition of flooring and walls/ceilings for any damage or defectsElectrical fixturesPlumbing- supply and drain lines...as well as condition of fixtures (faucets and shower/bath)Proper ventilation for ranges/stoves/bathrooms with no windowWobbly, leaking or broken toiletsCondition of appliances if availableAtticVentilation through ridge vent or whole house fanRafters/trusses in good shapeRoof decking for signs of damage or water intrusionLevel of insulationHazardous materialsAsbestos Underground storage tanksOh, and make sure the door bell works ;)This is just a first pass before we decide to go for inspection where we'll get more detailed...looking at all this stuff usually takes 15 minutes...pretty easyGlad to chat more...there is a lot not covered here

What HoltonWise charges investors up front for, is working with them 1 on 1 to source, analyze and make offers on properties that are listed by others on the MLS.For a more detailed look at these fees and why a company like mine does so well charging them I think folks would be best served to check out the thread I've linked to below.

Aloha,A detailed look at Hawaii in particular, but this DOES mention a White House Blueprint for a "Tenant Bill of Rights" recently published.https://www.hawaiibusiness.com...Interesting, if rather scary (for investors)...

One last thing, the 50% rule should only be used to see if the house is worthy of a further, more detailed look.

Hi Matt.I think your answer will come with a more detailed look at your future goals.

I'll certainly be having a more detailed look at them. 

One of the contractors provided a bid, the other took a detailed look at it but then must have realized it was a goose chase and dropped it.If I were asking a contractor to review a property with me and provide expert advice, you better be sure I would pay him for his time!