You need to pull comps for what homes in a similar area, similar condition and similar size are renting for, that is what market rent should be.

There are definitely some key points to consider with this though such as Income Verification, References, Terms and Conditions that I would recommend having.

The houses are on pretty rough cosmetic condition but the tenants have not shown an interest in any kind of renovations.

.- I have the statement of condition that I will have the renter sign and make copies of and provide them a copy.- I will have them provide a copy of their tenants insurance for my records. - Will provide receipt for first and last months rent.- Im thinking of not charging security deposit because of all the strict MA laws and just using the last months rent as a sort of security deposit, thoughts?

Question #2 When getting homeowners insurance, how does one answer questions about the condition of the home if they’re not exactly sure?

I'm buying a property directly from the owner.  We are negotiating the price with no brokers, which I love.   This older gentleman is financially "set" and does not need the money.  I'm buying the apartment cash but I...

Your home, has to be in good condition & you will have to ensure that the tenant can vacate the home. 

Take photos of the condition the tenant left it in. 

Due to the closing deadline/home condition, I am looking to use a private lender for the purchase instead of conventional from the start.

This will cover the unit’s condition, including plumbing, electrical systems, and any visible structural issues.