Or do other investors see this as a red flag and would prefer to have current leases?

The fact that you can't get ahold of a landlord is a red flag.

If they won't manage a property because of the neighborhood, then I know that is a red flag for me to avoid.4.

@Seth RoseI would look at the approach from a revenue mindset, not a discount mindset (which is where the BRRR concept was born).Firstly, I would like to point out that properties with great cash flow potential and deep equity positions aren't just floating around the MLS.

For example a property with a $100,000 door cost and very little capex is going to be a much better deal than a property across the street that is $80,000 per door but has significant deferred maintenance.So the analysis is preliminary and either can be used, but at end of the day you need to deep dive into the entire picture.

Looking at some properties around there and it seems to be the norm to have a cesspool in a few towns (WW, Coventry, NK/SK)Any immediate watchouts or gotchyas / red flags?

This means that, for a forced sale to happen on a significant scale, we'd really need to see a deep recession in the US.

Sure enough the new owner was not renting their newly acquired property.Since rents have sharply escalated over the last few years, a rental with too low rent is a red flag of possible fraud.I sold a property in 2014, for $30,000 over 10 years ago.

Cleaning after every tenant does great, but every so often, you need a deep clean.

But there are also some real challenges, like dealing with lower tenant quality on average, the extra red tape, annual inspections, and the longer time it takes to get tenants placed compared to the open market.