If the old owner collected deposit you will need to collect the deposit from  old owner.With the old lease I had no deposit collected so I obtained one.I also had to raise the rent the old number was based on the value from 5 years back, prices have gone up sharply since then.You need to do a walk thought inspect what is going on, do they have pets are they smoking etc.

Additionally, I changed the carpet/retiled and painted to get rid of the smoke smell.

Screen by phone first and don't waste time showing to people who don't meet basic income, credit, smoking, etc.

Further north like Vila de Conde or Povoa de Varzim you can get smoking deals beach side  condos.

In-house costs for repairs & cleaning are billed at $25/hour plus materials & supplies.In signing this document I (we) agree upon and accept the above charges upon move-out.Date Executed: _______________ Date Executed: ________________ Tenant Signature(s): Landlord or Property Manager Signature: ____________________________ ______________________________________________________________ Plumbing Replace kitchen faucet $150.00 Replace bathroom faucet $105.00 Replace faucet handle $20.00 Replace faucet aerator $10.50 Replace shower head $27.00 Replace toilet $175.00 Replace toilet seat $25.00 Locks Replace key (door or mailbox) $10.00 Replace cylindrical door lock $35.00 Replace deadbolt lock $25.00 Windows and Window Coverings Replace window pane (single) $75.00 Replace window pane (double) $125.00 Replace mini blind $20.00 Rescreen window screen $25.00 Replace window screen and frame $50.00 Miscellaneous Replace refrigerator shelf $25.00 Replace stove/oven knob $20.00 Replace plastic countertop $275.00 Replace mirror $45.00 Replace medicine cabinet $75.00 Replace towel bar $25.00 Replace shower curtain rod $25.00 Replace shower curtain & rings $13.00 Replace shower/tub enclosure $350.00 Replace thermostat $80.00 Replace fire extinguisher $30.00 Remove junk and debris (per area) $35.00 Replace smoke detector $15.00 Replace combo detector/alarm $40.00 Replace alarm battery (per battery) $3.00 Replace drop ceiling tile $10.00 Replace wireless doorbell $35.00 Replace portable window screen $10.00 Rev. 2/15/2019

@Mohammed Rahmanthanks for replying.my strategy would be ANYTHING that's valuable... an off-market smoking hot deal -- whether that's wholesale, sub2, seller fi, looking for development....i'll do whatever needs to be done...

Cons- Relatively expensive (a good value is a .9%er), tenant-friendly laws, not a college or military town, wildfire smoke late summers. 

I could still refi and cash out but the deal has to be absolutely smoking and the numbers are much harder to find.

The little stuff.First Aid kit, Carbon Monoxide sensor.Keep extra batteries locked up for remotes, smoke detectors etc.You or a friend should stay there for a weekend and you'll find out real fast what is missing.

It is in a class C area, and my minimum requirements are credit score 600+, no evictions, no smoking, renter's insurance required, and income 3x the rent.