., mortgage interest, taxes, repairs, depreciation) on Schedule E starting when the property is placed in service.

Feedback has not suggested property needs additional repairs/work, only that they are looking in a different area.

The Property Manager usually does light cleaning and repairs between tenants.Recommendations or another way to think about this? 

I just go in at the first of every month and code each line item to the corresponding property and note what the expense was for (Repair, HOA Fee, Mortgage payment, etc).

Hi everyone,
I’m a new investor learning the ropes of being a midterm landlord. I bought an outdated condo, planning to do a cosmetic rehab later when I had more budget.

I moved out of the condo in mid-2024 for a ...

There is a 'comp' listed for $200,000, but it was sold as-is and needed great repair.

Remember, in this model, you are planning on holding on to these properties as rentals so pay now in quality, or pay later in headaches and repair costs.

Thats a great way to profit of $177K in a year but she did know the contractors and the has an eye for those type of quick turn arounds.You will see multifamily 2-4 units a ton of duplex 2 units for under $250K again these are usually not turnkey fully renovated properties but they will pass an appraisal without being subject to any major repairs.

Hey Christine, I might be biased, but you could look into Cleveland, Oh.Here are a few things to consider against investing there:- Slower appreciation compared to some other markets- Harsh winters, which can lead to higher maintenance costs- Many discounted single and duplex might need repairs or updates, especially if the previous owners haven’t kept up with maintenance over the years- Some local regulations to be aware of (nothing crazy, but worth noting when trying to close deals).But there are also some solid reasons to invest in Cleveland:- Affordable properties in the $100K-$300K range- Strong long term rental market due to a high rent to price ratio- Landlord friendly laws overall- Potential for great cash flow- Opportunities for Section 8 tenants- stable market once you have the right team in placeEvery market has pros and cons so it comes down to your budget, risk tolerance, and finding a reliable crew you can trust.

Realistically I’m thinking $150k+.I considered renting our home out but our mortgage is almost $1600 and I don’t think we’d be able to rent it out for more than $1700.The home is foundationally sound and just needs cosmetic repairs.