Holding a proper amount of funds in reserves provides a cushion and some comfort to navigate those situations.It’s wise to do a thorough inspection of the property you are considering so that you have a clear understanding of any potential repair costs or renovations that may be necessary down the road.

The downside here being the unit is on a busy two-way road, close to two major junctions where commuters regularly drive through on their way to manhattan.Assuming the most conservative rental numbers and the worst-case capex expenses, I'd be at a 5% cap rate and a negative cash flow of around $ - 500/month at this price.

Hello BP network,I recently purchased my first single family, out of state property in OH with the intent of renting it out long-term but have come across some major road blocks.

I would then tackle the garage ADU once you have money coming in and snowball from there with an investment property down the road after you get a good handle on your current situation.

Currently we are just building equity for the future, and while we’ve been at it a couple years, what we’ve built will absolutely benefit us down the road rather than anytime soon; we cash flow, but nothing significant enough to impact income as of yet.

Another good idea is to have an engineer complete an elevation report (paid by current owner if able) that will serve as a baseline when you want/need to sell down the road.  

We also measured the property and it has enough depth to put in a road and develop it.  

We still have some more research to do, but we only live right up the road in Phoenixville so we've taken the time to drive through and check it out.

This will free you up to use another agent down the road. :) 

@Robert Kough Home prices in Flagstaff that are ideal for vacation rentals are located downtown, west side, fort valley road on way to ski resort are extremely expensive for what you get.