I’m back now and looking for some guidance on an idea that caught my attention.An old high school friend of mine has been buying older houses, either renovating or tearing them down and rebuilding, depending on their condition.

What condition is the exterior (siding) in?

I have little confidence in turnkey providers, deals are already hard to come by, if they take another 20% cut before.. much better to buy a property from an owner that is in good condition.

Summary of expensesNOICap Rate Condition of the building systems  

I would remind them that the house is in the condition in which they rented it and they accepted it as is.

I'm currently corresponding with my property manager to gather information of the condition of the property as well as discuss our next course of action. 

Yup, property condition, vintage, neighborhood, tenant base, property management are all very important considerations. 

It's a range and depends on the property type, location, end condition and rental strategy. 

I don't really want to invest in a D-class area.Tangentially, what are some of your "it's time to sell this property" red lines when it comes to the changing economic conditions of an area? 

She did move in two cats during her tenancy (with my permission after the fact), and the house was left in fairly good condition when she moved out:Most holes were patched (though some in the basement were missed).It was moderately clean but needed extra cleaning due to cat hair in the carpets.Minor issues included:A missing doorbell.Missing shower hardware.One of the window blinds needed replacement.A truck bed full of items left in the shed that I had to haul away.Since I was in a pinch between Christmas and New Year’s, I hired professional cleaners for a quick turnaround.