So, make sure YOU understand the copy & paste info below:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

The home is a 3/2 in a great neighborhood next to the community pool, park, and playground and located just south of beltway and and I45.We are new to the midterm strategy and trying to figure out what the demand is and the pricing. 

I do agree with you, when your margin of error is higher you don't have to be as precise which ultimately leads to waste in profits and prolongs your abilities to reach your goal if you are not disciplined.

Location, location, location. 

I always keep a lockbox at my locations for this purpose.

Over-budgeting is critical to ensure that renovations don’t eat into your profits.Market Fluctuations: If property values in your area do not appreciate as expected, or if you face a market downturn, the amount you can refinance for may be lower than anticipated.Financing Challenges: Securing financing for the initial purchase and rehab, as well as refinancing after the property is rehabbed, may be challenging, particularly if the property is located in an area with fluctuating values or if the rehab work doesn’t immediately improve the property’s appraised value.Tenant Risk: Rent collection and tenant management can be unpredictable.

We are based in NYC but are considering (as of now) locations outside of NY but within a 300 mile radius. 

I was going to look over your numbers for you, but can you answer a few questions:* In what zip code is this property located?

Additionally, they should be helping with taking video walkthroughs of the location and the property, estimating renovations/scope of work, helping you learn neighborhoods, building your real estate team, etc.

I currently work for a property management company also located in the Midwest so please reach out if you have any questions!