You need to understand at least some basics about code, systems (electrical, plumbing, etc) assessing various aspects of the property's condition (roof, paint) and probably remaining life of property features.And when you can do these things sufficiently, then you make offers.

Assess work needed and get contractor bids3.

I negotiated it down, but it was still more than anticipated based on my initial assessment (still learning).

The service period when it’s ready for renting, not necessarily when you get the first tenant to move in.Lookup your assessed value.

That alone requires you to understand a lot of things: 1. assessing property 2.

@Adriel HsuI guess you and your partner have done sufficient market analysis to determine that people will be willing to pay the price of a 3/2 for a 2/2 if the latter comes with a desirable 150-200 sq ft backyard, even when it has garage space for only 1 car and is not located in Montrose, Heights, or Midtown.Perhaps your partner thinks this type of house will sell for 275k in the said location only in seller’s market - seems like a reasonable assessment.

Have you already performed a mold test to assess the current level of infestation?

What is the town assessment compared to FMV?

The state has no income tax so property tax is assessed every year especially for out of state owners.

Jump forward im about to close on Tuesday.The house was assessed for the mortgage at 500k and was told by my agent and my own research that the house could be assessed after renovations at around 600k.