Most people will get these to minimum occupancy standards (e.g. sturdy floors, no roof leaks, working plumbing, hot water, air conditioning / heating, etc) and then rent it.  

I still recall the borrower who came to me spring 2014 and said he wanted to finance a GSA property at a 9 cap. 

The boat slips are rented seasonally, paid up front, and currently generates $2,000/month (when averaged over the year).Total monthly income: $11,250 ($135,000/year)Expenses run very low, from what we can tell, listed annual expense:RE Taxes :12,000Insurance: $6,500Water + Common Electric: $3,000 (heat and hot water is paid by tenant)Maintenance + Repairs: $2,000Management: $10,000If we do 40% down ($700,000) and finance $1,050,000 @ 4% over 15 years: $93,300.Add for vacancy, misc, etc...  

I decided to just book an inspection since I needed to get some pics of a water heater I need to replace (with the one tenant that has not been visited recently).

Utility Expense includes electric to common areas and water to the 4-unit.

City water/sewer is a good start.

Looking at investments from the maintenance side of the equation once you own it,  I believe a 3 bedroom, 2 bath one story home on a slab foundation connected to public water and sewer is the perfect rental for buy and holds.  

I look forward to learning a great deal from the community on BP.Kim, I've already been to your website and will definitely keep you in mind as we get closer to the Spring. 

IMO, FICO scores are so generic that while you can filter out, you may also be throwing the baby out with the water - - missing tenants that are just recovering from messy lives.Before pulling a CR/BG report, I vet the previous landlords, employment and income, thus saving expense for a non-starter.Then, the CR (if you get a real one from Trans Union/Experion) will have all the accounts and their payment histories.  

I don't start my full time consulting job until August 2016 and have a light class load throughout the spring so now is the ideal time to immerse myself in real estate.I am considering getting my real estate license, but also interested in working on some flip projects.