Travis WestCIEC - Certified Indoor Environmental Consultant, Certified by the American Council of Accredited CertificationsMAC0325 - Licensed Mold Assessment Consultant, Texas Department of State Health Services Keywords: toxic mold, black mold, water damage, mold remediation, stachybotrys, mold disclosure

Here is a simple online calculator to help assess situations:https://www.calculator.net/ren...

About a dozen similar properties have sold in the area over the past 6 months in the 125,000-155,000 price range, but this house has an extra bathroom half bathroom.

Honestly I've stayed with hosts like you before -- people who manage dozens of listings with multiple other bad-to-terrible listings (that I found out about later). 

How can I assess the area as a good place to buy (good appreciation, developing, population/industry growth), before I buy?

I've had dozens and the majority of them ended up costing me extra work and the Landlord lost money in the end. 

@Kristina XieMetro Detroit (my rental portfolio is here)Purchase: $80k-$130kRent: $1200-$1450ROI: Double DigitCash flow: $200-$350/month Appreciation: Double digit (for past 10 years, will gladly send data)Location: C, B- (suburbs and certain markets)We have over a dozen Fortune 500 companies just in Metro Detroit with huge Healthcare and Auto industries.

Also, places like that are subject to special assessments like any condo.

I agree that it's key to review and assess all possible aspects of the relationship and agreement with any PM that I may bring on in this role.

A reserve is unnecessary, but I still keep around $15,000 - $20,000 in my account.The point is, you should sit down and assess your personal finances to determine what the worst-case scenario may look like, how much you would need to cover it without impacting your life, and whether you will need to build a reserve.