I recently found myself touring a property with my agent. The house was in good condition with an updated interior. It hit almost all my check marks and was in budget.The agent told me that he was talking to a another...

Your price range is on the extreme low end and I wouldn't be surprised if you only find 1/1 units at that range.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

I wouldn't be surprised if you finally get the Tenants out and find out the house is trashed. 

This is no surprise as Airbnb keeps making changes that are not owner friendly.

It's probably worth your while to e-mail them some current pics of the damage as they will likely be surprised it's not in perfect shape, especially if they've relied on tenants to keep the place up and don't use a PM. 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Either way, I also discuss with the Owner at this time what the market suggests the new asking rent should be, and confirm his strategy for the foreseeable future regarding hold, sell, or whatever in order to (hopefully) not spring any surprises on new tenants.Owners are welcome to provide us with contact info for their preferred vendors, but we let them know that standards must be met with regard to timeliness of repairs, interaction with tenants, and, if we will be paying the invoice out of their income, they will need to be properly licensed and insured.

Don't be surprised if it is 20 years or more, or even never, if your cashflow turns negative after factoring in the overhead. 

The unexpected happening..........From a real estate agent perspective you would have a hard time selling it as an illegal duplex.