New construction doesn't have previous operator risks (other than the builder), it is at Year 1 of ALL the different lifecycles of the property, and if it cashflows from day one it's a beautiful simplification factor!

They tend to have very short lifecycles anyway and they're really hard to get clean.

Pick out a property and follow it through it's life cycle.

Your use of the words "base hit" and "only $200 a month" amuse me.In my word that's called a double or a triple when you consider that it is for new construction (meaning everything in the home is at year 1 of its life-cycle).Game on!

The key is knowing the life expectancy of various house systems (HVAC, roof, major appliances) and being able to assess where in the life cycle are the various systems of the house you are buying. 

It's all relative to where the investor is at in life cycle and what their goals are.

One of my key findings in the first 40 units I've owned is that it totally depends on the bundle of lifecycles you purchase. 

Even the best maintained properties have systems (like plumbing) that are probably original and are at the end of their useful lifecycle.  

Below is a life cycle cost analysis I did for my fiance when I was trying to convince her that we needed to purchase a duplex to start.

Also, how to determine if structure is sound and the life cycle of something like this?