I always keep the conversation, friendly, inquisitive  and helpful while trying to uncover their motivation.

If there are too many red flags, or the records I uncovered indicate they don't meet my criteria, I don't call them back.Think of it like a job applicant - a company doesn't have to respond to your resume if they don't think you meet the job criteria.

Will,I (and I'm sure you also) have other ways to uncover who the listing agent is or will be.

Hoping to work with either a small architectural firm or a single architect that specialises in small house renovations.

., you can't get financing or the inspection uncovers a significant problem), you'll get it back.

The best way to explaining this is for you to download an IRR calculator spreadsheet or build your own simple one and play around with one.For what its worth most deals I deem meeting minimal IRR standards is 13-15% but you have to dig a little deeper to uncover the real placements of cashflows and capitalization events... and then dig even deeper to verify the assumptions such as occupancy, rent increases per year, and what reversion cap rate was used.Again I don't look for IRR cause its manipulated a lot instead I look at total return on a 5 year basis.

Imagine how much hidden property value you could uncover.

Adrian Tilley Great job in uncovering a great opportunity.

I believe what you are asking is just the first of what you will finally uncover to see if it is a path you want to take.

You might consider test marketing your area as well as speaking to realtors in your area that specialise in the rental market and determine the occupancy rate as well as the monthly rents.