In my opinion, it's important to first begin with the end in mind.

Fees, this is important but I would not say it is the most important thing to consider2.

Be sure to have a series of questions that are important to you and take note of all the answers each of them gives you.

I know that the equity is the most important factor, but if the ROI is great, and the purpose of the Sub 2 is a long term buy and hold strategy shouldn't that make the formula more flexible, since the equity would build faster with a higher ROI?  

The rest is solid.More important than the list, in my opinion, is the message.

take away is you bought a top end rental like Curt and @Chris Clothier recommend not a bottom end MOrris thing.. which none of us recommend.. contrats.. little recapture but appreciation is an important part of the equation and maybe now we can say markets are not flat like we used to say a few years back.. cash flow and appreciation.Nice one.

Understanding the demand for rentals in your area is very important.

I think understanding Interest rates is very important.

Lean operations and smart business decisions are important as margins continue to shrink. 

This is an important tool for anyone buying a tenant-occupied property.