Shoot, how do I evaluate a deal? Use the calculator?

[Karen M.]

Hi BPers!

I found a very interesting property while I was goofing off on a realtor website / Zillow on Friday.  And it looks on the surface to have some great potential, so I would like to investigate this property for real, not just on a paper exercise.  I am hoping to drive by the house / neighborhood this weekend and go see it  with a realtor on Monday afternoon.  

------------------------------

Exciting stuff!  But… how do I analyze the deal?  I have many questions!

1.  Right now, all I know are the listed price, property taxes and basic facts about the property.   I need to practice running calculators but it seems obvious that the numbers will work, the listed purchase price is very low and the rent would be quite good.  (assuming that rehab is not crazy nuts insane.)   

2.  There is only ONE photo on the real estate listing.  Could be a mess inside, but I have no idea.  I plan to go and see it.  What should I bring to view the property?  

First time nerves here!  What do I need to do to get prepared?   (I was going to start seriously looking at properties after the kids were back in school, and they are not back in school yet, but this property is very intriguing and looks like a must-see to me.) 

Thank you for any advice!  Karen