You typically don't have the opportunity to inspect them prior to purchase, the occupants may not leave, the occupants may trash the place and steal doors, appliances, and cabinets on their way out, or you may discover it's so damaged it needs to be torn down.

Traditonally the industry uses "Comparable sales" to value 1-4 unit properties.

Also, you PM fees will be astronomical (8-10%) compared to the fees paid by 100+ unit owners (3-3.5%). 

@Brian TranAppraisers value based off size (sq ft, beds, baths, garage y/n) and also condition.So if you have a 3 bed 2 bath in “C4” condition then he will compare your 3/2 to other 3/2’s in C4 condition.Condition ratings are ridiculously subjective in my experience.

(Because I have no prior experience) Any advice on how you started out and what you used as inspiration for seeing the potential in a property?

Originally posted by @Max Petrov:@Nick B.For me it takes much more longer) You  need to develop a model of a good deal and then just compare what you see with that model.E.g., your good deal may be priced at $80/sqft "all-in" in the submarket where retail houses are priced at $110/sqft and rents are above $1/sqft.You need to know these numbers before looking at individual properties.

Currently I run an online business, and part of the reason for the desire to get involved with a rental property is that I see rental properties as a smarter and more stable long term investment as compared to an online business that can dry up in a few years time.Currently I live in a very low income city on the east coast.

Hi Rick,I have created my own KPI's (key performance indicators) and occupancy is calculated just to compare MOM and YOY trends. 

I'm putting my list together for a few to meet up with prior to doing my first deal. 

I tried buildium, it was clunky and dumb compared to the stessa property set up I experienced.