I would drive by the property several times, park in front of it to make observations, if possible and if I'm allowed I would walk the premises, and if time allows I would also engage in conversation with neighbors of the area.

From what I'm observing, it's like the elephant that's NOT in the room, even though I'm POSITIVE every investor is privately obsessing over the rates as they put together their pro formas. 

Thoughts on building an oceanfront nightclub, with rooftop pool and waterslide?

For the rest, I would speak to 3-5 property managers in the area and gather their thoughts/observations on vacancy rates, % of gross rent that goes towards maintenance/repairs, and capital improvements. 

I guess I am 3, but I feel like 1 in heart…I have observed versions of 2 for years - in particular I remember early / mid 2020 there was SO MUCH expectation of a crash and then the rest of that year, all of 2021, and Q1 2023 were HOT.  

The important thing is to maintain your entity as best you can, observing as many policies, practices, and formalities as possible.

While, as us physicists are prone to say, it should intuitively obvious to the most casual observer that you paid something for the house and something to fix it up, I guess to some folks it might not be.

Just observe what they're like.

Of course, my observation could be totally off base compared to your neck of the woods, but I doubt it.

I've listened to the inspector and done observations on enough properties at this time that I know what to look for, but use the professional as he has over 35 years experience and will catch things I am not aware of or confirm my thinking which is also helpful for the future.I've also used plenty of contractors that I know in general what rehab items cost, but there may be new things I am unsure of that could pop up in the future.