How I perform a walk through inspection quickly

[Clay Smith]

I have been asked what I look for when walking through a property I intend to buy & hold for rental.  I am writing them down here for those who are interested.  Please add to the list if you see fit.  What I look for:

Prior to the walk through:

1. 1.I check www.LOJIC.org to be sure the property is not in a historic district I will have additional permits to obtain.I will also check the trash set out dates for opportunity to avoid renting a dumpster.
2. 2.I check to be sure property is not in the flood plain.It would cost $100’s more a month in insurance.http://ags2.lojic.org/msdflooddetermination/
3. 3.Electric, I check for any open cases or failed permits still listed at http://portal.louisvilleky.gov/codesandregs/mainsearch I have found things here I would never have looked for onsite.These historical records can help you spot signs of bigger issues.

During the walk through:

1. 1. Water Heaters last on average 15yrs. I check for manufacture date or model number.$850 replacement cost
2. 2. AC unit outside last 15yrs.  If property is vacant for more than one summer they generally fail regardless of age.Check model number or manufacture date.  $2,000 replacement cost
3. 3. Heaters last 15yrs.  I go off age alone.Replacement cost is $2000
4. 4. Roofs last 25 years.  A roof on the house you are looking at would cost $3,500.  I look for watermarks on ceilings.
5. 5. Foundation, any obvious failing concrete or brick in the basement.  I won’t buy the home no matter what.Small cracks in the walls are not a sign of foundation issues but possibly failing gutters outside.If the basement is finished or a crawl space I look at window sills to make sure they appear level, or ceiling corners for any noticeable imperfections.
6. 6. Gutters, do they have plants growing in them or pulling away from the house?They will need to be cleaned.  If I see rust or holes, replacement cost $800
7. 7. I check for signs of plumbing breaks.Generally near the outer walls in the least insulated areas (basement ceilings) I look for any obvious signs of freeze breaks in the copper or plastic plumbing lines that come off of the water heater.Repairs can run from $100-$4,500 if the water was left on and heat turned off during a winter freeze.If the home occupied last winter you should be alright now.
8. 8. Window condition, $200 ea. Installed for replacement windows.Often times I use single hung, not double hung

Measurements I need if replacing:

1. 1. Countertops
2. 2. Wall cabinets (sometimes windows are int he way requiring less wall cabinets than the countertop measurement)
3. 3. Vanity
4. 4. Oversized windows

A video of everything before leaving.It is really nice to have someone with you shoot the video on their phone while you point it all out.

WHAT DO YOU LOOK FOR?