I was wondering if buying a long term rental property with tenants already in place in a market that is up 20% yoy is a good investement or not. the rough numbers ive been running seem to have a decent cap rate but the house is about 15k more than the zipcode average. 

So the long term average will be more important, but you will not know that for awhile.

Our rehabs usually take a little more time that the average rehab.

The house ended up going under contract in just 17 days, in a market that was averaging 58 days on market in this area.

Eric is correct on the minimal cost with above average durability.

Compare average rental rates to ensure the potential income will cover expenses and provide a good return on investment. 

Within a few months you should get a good  feel as to what your average occupancy rate will be.  

:) Kristen Cabasrrus county:Local Market Update for May 2024Key Metrics 2023 2024 Percent Change Thru 5-2023 Thru 5-2024 Percent ChangeNew Listings 310 371 + 19.7% 1,416 1,613 + 13.9%Pending Sales 299 276 - 7.7% 1,400 1,291 - 7.8%Closed Sales 296 290 - 2.0% 1,153 1,172 + 1.6%Median Sales Price* $368,000 to $395,000 + 7.3% $360,000 $390,750 + 8.5%Average Sales Price* $398,575 $426,621 + 7.0% $380,709 $427,450 + 12.3%Percent of Original List Price Received* 97.7% 98.2% + 0.5% 95.9% 97.8% + 2.0%List to Close 82 79 - 3.7% 95 88 - 7.4%Days on Market Until Sale 34 26 - 23.5% 45 35 - 22.2%Cumulative Days on Market Until Sale 37 27 - 27.0% 48 38 - 20.8%Average List Price $433,005 $476,998 + 10.2% $432,125 $452,474 + 4.7%Inventory of Homes for Sale 354 469 + 32.5% -- -- --Months Supply of Inventory 1.4 2.0 + 42.9% -- -- --* Does not account for sale concessions and/or downpayment assistance. | Percent changes are calculated using rounded figures and can sometimes look extreme due to small sample size.Entire Canopy MLS Area —Cabarrus County —Current as of June 7, 2024.

But if you took a HELOC, which tends to have relatively high interest rates, your blended rate (the average of what you're paying on your mortgage plus the rate on the HELOC) would likely be in the same range as today's mortgage rate.You'd also only be renting out one unit, but by selling it might allow you to get more than one additional unit and still grow your portfolio. 

She says the average water bill is about $40/month which equates to Gross income of about $1800/month currently.