Never thought to inspect or check the water lines outside of the home prior. 

Every adult must be screened and approved, period.Here's a detailed guide on how to screen applicants: Application Screening Guide

@Tobi Isaacs this would be better answered by other investors in your market. 

That's how I started, with a company called Flip More Deals (currently called the Growth Collective) they were very hands on and helped me through the entire process and connected me with a lender and gap funder, very hands on you should check them out.

Yes, this should make a good rental.Here's a guide that describes what good cash flow looks like and how to analyze a property.https://www.biggerpockets.com/blog/rental-property-cash-flow...

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

Focus on factors like affordability, growth potential, demand, and landlord-friendly regulations to guide your decision.Good luck!

Welcome to BP - this is a great platform to initiate your real estate journey.Dive into comprehensive guides, connect with experienced professionals, and explore a wealth of opportunities that can help you achieve your real estate goals. 

Welcome to the community and be ready for a huge amount of information at your finger tips.

@Van Lam I had a client just run into this recently.