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.

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

Also double check on the ADU size restriction.

There are property management companies that handle everything—from guest check-ins to maintenance—so you don’t have to worry about being hands-on.

Have you checked for ashtrays unobtrusively?

I ain’t no lawyer (except on the Internet), so will possibly have to resort to checking with the lender (BoA) to confirm as I didn’t see anything in the contract that suggested that it closes if I’m no longer resident.James

@Lance Wakefield since you are in Collin County, if you plan on attending the Collin county sale; check with the Collin County Sheriff for property listings.

I always check active rentals to see what the competition is currently looking like for if a rental were to go live that month too.

The diligence varies by county, but my experience has been that they check very thoroughly.

I'll check on meetup.com as well, I know sometimes they post meetups on there!