Our first rental

[Therese V.]

We're about to do an inspection on a property we have a contract on that will be our first rental.

We are getting it at $52k, property manager estimates $900-$1k/month rent + $100/month for the 2 car garage. The home is right in front of the school and a Church/school about another block away and another church in the other direction about 2 blocks. I'm pretty happy with the neighborhood as well.

It is in move-in condition, but dated (which most rentals in the area are, so I'm not worried about that). Since we will likely be taking possession sometime in the middle of November, I am looking for advice on what to do in winter time. This rental is near Chicago, as far as winters go.

I ran the numbers at $800/month rent in order to be conservative in my analysis. I am thinking since we are renting in the middle of the winter to go at $850 rent to get a tenant sooner. We will have a month to month lease.

I want to do everything the right way and all since this our first rental. Any advice out there for once we get possession/closing?