And if you're investing in a syndication that typically produces K-1's late in the tax season (such as a GP fund) this can make things very tight and/or cause extra tax bills from having to do estimates extra tax work with your CPA.  

Since there is even less documentation to look at/review with this, pricing is a bit higher than your typical DSCR LTR/STR product, however, there are numerous ways you can structure the deal to make certain the #'s work for you.

When I established my investor services business in 2005, I posed a similar question to numerous experienced property managers.

Underwriters want to see that the property is in an area that will support the valuation of the property with numerous comps so they can have confidence in the appraisal.

Make sure your first property has no long-term cap ex coming like roofs, furnaces, sewer, etc so you know you won't get a 10k bill when you buy another one and lose profit on all across the board.

It will be 2x the highest electric bill in the past two years.

You basically don't know until you get the bill.

@Elias RamirezMail a letter to the property as well - must be getting forwardedBut as mentioned tax bills are being sent somewhere.

@Danielle Perry you have to look at the closing doc to check if it was actually prorated and do the actual calculation.Sorry, hard to give an answer without actually seeing the closing statement and the property tax bills.

What Bill said and:First thing to do is to evaluate the appraised value.