Make sure you're performing credit checks, background checks, verifying income (calling employers and even checking bank statement if you need to), and calling former landlords to inquire about/confirm their habits as a tenant (cleanliness, respect for neighbors, paying rent on time, etc.).If you don't think you're capable of this, definitely find a good property manager!

If the city takes away the supply then prices will go higher as the demand will still be there in the short run.

Supply inching up.

This is not a Subject-to transaction, and you will have to be capable of qualifying for the loan, just as if you were taking out a new loan.

Because all else being equal, if you are assessing two very similar deals in similar markets from similarly capable operators, the returns will be pretty similar at the end of the day.

@Aaron Dominy   Building supply chains have eased considerably in the past 2 months, thus the time-frame to build in Galveston has shortened.

Note, of course, that this opinion is coming from a place of the very limited information you supplied in your original post but on the face of it living for $1500/mo in a decent neighborhood seems decent to me.That said, I would encourage you to look at this more long term.

When it comes to rehabs, I’ve seen in the forums a good rough estimate is $20-$100/sqft, dependent supply the severity of the rehab.

This increase in dollar volume underscores the robust demand and high value of Miami real estate.List Price Success: Sellers received 97% of their original list prices on average, maintaining a steady rate from last year.Speed of Sales: Homes moved faster, with a median time to contract of just 28 days (a 6.7% reduction) and a median time to sales of 70 days (a 1.4% decrease).Inventory Levels: Active inventory rose by 27.3% to 3,864 homes, and the months’ supply of inventory increased by 33.3% to 4.4 months.

With a 4.4-month supply of inventory (up 41.9%), the market is becoming more balanced, offering a healthier dynamic for both buyers and sellers.