🏢 Property Inspection Checklist ✔️

[Jorge Abreu]

When it comes to property analysis, I never miss the critical step of physically inspecting each property. I believe in taking matters into my own hands by strolling around the property alone to have a firsthand look at the exteriors and analyze the general condition.

During these inspections, I pay close attention to important details like drainage, brick or siding condition, sidewalks, and even resident profiles. This hands-on approach enables me to obtain useful information, allowing me to make informed judgments and alter my investment strategy as needed.

Analyzing these precise elements of a property gives me vital information about its potential. For example, effective drainage is essential to avoiding future problems and maintenance expenses. I carefully inspect the brick or siding to see if there are any severe problems that may necessitate extra repairs or replacement.

Sidewalks and resident profiles are equally significant. Well-maintained sidewalks not only improve the aesthetics of the property, but they also protect inhabitants' safety and convenience. Furthermore, understanding the resident characteristics allows me to measure the target market and modify my investment strategy accordingly.

Inspection Checklist

Situations vary from one property to the next, but here is an on-site inspection checklist to get you started:

Interior Units:

• Inspect vacant units, including one of each finish out type (Classic, Reno, etc.).
• Check all down units.
• Inspect one unit from each unit mix.

Exteriors:

Landscape:

• Look for overgrown bushes.
• Identify trees that need trimming (no branches hanging over the roof).
• Take pictures of the following:
• Curb appeal on all sides facing the street.
• Landscape around the office and amenities.
• Overgrown bushes or trees.
• Any dead landscape.
• Areas that may need sod or mulch.
• Assess drainage:
• Ensure water flows away from building foundations.
• Check slope, gutters, downspouts, surface drains, French drains, etc.

Exterior Walls:

• Determine the existing material (wood, vinyl, Hardie, brick, stone).
• Assess the condition of the walls.
• Note if painting is required.
• Take pictures of each building, including building number, each elevation (clockwise), and any breezeways or niches.

Windows:

• Evaluate the condition of existing windows.
• Consider whether solar screens should be installed.

Roof:

• Identify the type of roof.
• Assess its condition and age.

Parking Lot:

• Check for potholes.
• Assess the need for restriping.
• Note whether the parking lot is concrete or asphalt.
• Evaluate drainage issues.

Walkway:

• Look for tripping hazards.
• Assess drainage issues.

Foundation/Gutters:

• Inspect for cracks in the brick.
• Check for separation in corners from fascia and trim boards.
• Evaluate drainage and identify poor drainage areas.

Amenities:

• Identify possible improvements.
• Consider adjustments or additions that can enhance amenities.

Talk to the Staff:

• Maintenance: Inquire about the physical condition.
• Office: Discuss current residents, delinquency, and potential changes to add value.
• Assess whether rents are too high or too low.
• Confirm rents and what is included/not included.
• Confirm other sources of income and associated charges.
• Confirm occupancy, pre-release, and vacancy numbers.

Note: Maintain professionalism and avoid insulting the owner or broker, regardless of the property's condition.

Keep in mind that investing in real estate is like solving a puzzle—you need all the pieces to see the big picture. Those individual inspections? They are like finding the missing parts under the couch cushions. They play a vital role in the decision-making process and have been instrumental to anyone's success as a real estate investor.