As a quick-and-dirty approach I use school quality as a way to guestimate neighborhood quality.

We purchased it because the house was a good price compared to the same quality in OKC.

I've been looking at Trulia and Craigslist to make my determinations and understand there can be a big swing depending on the general quality of the apt.Any insight/advice is greatly appreciated.  

For someone that's not as conservative, or a different view on the cycle, they might have a different opinion than me on all of this.2) Sponsor quality check: (takes about 45 minutes per deal)I believe that a great sponsor can take an average looking deal and make it great, and that in mediocre sponsor can take a fantastic looking deal and make it bad (especially if there is a severe recession).

Replacement Cost:  the cost to rebuild the structure from the foundation up with the same kind and quality. 

We've found it has superior reporting features, integration features, and is overall more efficient to work within than other REI-specific software.The downside is QBO is not set up for REI so you'll need to do that or work with an expert to ensure it is set up for your business appropriately.Something else to keep in mind is your entity structure and how your entities file tax returns.

But prioritize quality here, I'd also tell you to no more MFs & to go get a SFR.

At the end of the day the goal should be to make enough to give you an optimum lifestyle but not go overboard and cause yourself more work/hassle if you don't actually need the additional income that comes from it.Increasing the quality of the area/properties should make it easier management wise and if you don't necessarily need the cash flow now could end up ahead in overall return compared to the lower end areas, especially if you use leverage.I think it depends on your source of active income as well and how long you want to continue doing that for.

Plus, managing contractors and ensuring quality work can be tricky for someone just starting out.New Construction: The Modern ApproachOn the flip side, new construction offers a different set of advantages:1.

If you can bring that "Institutional Quality" to a partnership, that holds a lot of value.