Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

When a home has big maintenance needs, it probably has a lot of little maintenance needs.

The market still has relatively low entry points compared to other major cities, making it possible to find multifamily properties like duplexes and triplexes in the price range you’re targeting.

If it’s a 1910 mansion you obviously need a boatload more to pay for maintenance/repairs than a 2025 condo.

Learn basic maintenance stuff from YouTube (caulking, painting, learn how to use a drill, etc) and find a well priced handyman for maintenance.

Make sure you buy it low enough to make it worth the trouble.

What maintenance is needed? 

Low cost + high rent/value ratio.My market of Middle TN doesn't have any livable property for that price and the 1% rule isn't very realistic. 

-OOS investors in HCOL areas will buy properties that look good on paper without doing enough due diligence and then get crushed by capex and deferred maintenance.

I have some clients who prefer to have a PM for maintenance/contact/rent collection/general management and will place tenants and write leases for themselves in exchange for a reduced rate.