Help: Stage 2 Deal Analysis for Multi-Family Properties

[Matt Quock]

First off, my apologies if I posted this in the wrong forum.

I'm just getting started in real estate investing, but plan to focus on small to medium sized multi-family properties.

I have been doing a lot of searching and benchmarking from websites like LoopNet and Zillow, etc. From the basic financials typically provided online, I can run a simple analysis and weed out properties based on current and projected cap rate, GRM, the 1% rule, the 50% rule, cash-on-cash return, etc.

For those with more experience, what is the most important information to get next and the most important questions to ask? I know there are numerous details that all contribute to making or breaking a property and I could probably write a list of hundreds of follow-up questions (rent rolls, recent major repairs / capital improvements, historical vacancy rates, maintenance records, etc) ... I'm hoping to get some help prioritizing what to ask during this "stage 2" of deal analysis.

What advice do you have for follow-up questions when reaching out to real estate agents, after your initial deal analysis and screening?

Thanks a lot!