This is how we perform rental analyses for prospective clients.

@Stevo Sun: If you made a seller an offer and seller accepts... and you both execute a contract but then either you (or seller) fails to close... then there is a breach of contract and the defaulting party can be sued for specific performance by the aggrieved.

You’ll be surprised how much better your property will perform as a self managed unit.

At that point I'd make a cash offer to the seller for the return that I guaranteed.The way the contract is structured the contractor is being hired by the seller to perform the work.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – and they often select the first PMC they call!

We communicate well, work as a team, I don't step on their toes and mostly avoid interacting with tenants, but sometimes do visit and perform work on my properties.

., etc.Other than age-specific issues like LBP and asbestos, the things I'd look for on an old house would be much the same as what I'd look for on a newer house--these things would include: signs of water diversion failures (such as rot, peeling paint, masonry damage), settling/structural issues (one of my few "deal breakers"), the type and age of plumbing, HVAC, and electrical, condition of the roof, the condition of the sewer main (scope it), the type and age of windows & doors, a meth test, a radon test, etc. etc.I have properties from the 1910s, 40s, 50s, 60s, and 2000s, and frankly--the older properties are often my favorites, and some of them are the best-performing properties in my portfolio.Just being an old house doesn't--in and of itself--make a property "good" or "bad".In some scenarios, older houses can have big advantages over newer houses.In my opinion, the idea that “new houses always cost less to maintain than old houses” is one of the biggest misconceptions among inexperienced investors! 

The crowd is already getting thinned out right now....so will be interesting to see who can perform through this part of the cycle.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – and they often select the first PMC they call!

Buy&Hold that is performing well.