I wasted some time, but fortunately I still got a new renter for the vacancy without costing me any money.Also, I know I've been over-improving my SFRs for rental purposes.

The golden rule is, purchase price plus improvements (hard costs) or the appraised value, which ever is less, then from that value the loan is made under the loan to value requirements.

I have looked at a few properties, but want to really improve myself in identifying potential problems in the first walk through so that i can avoid paying for inspections on properties i can rule out.also, this is a rookie question, but what do you guys typically bring with you to a first look?

I strive to continue to improve my properties.

I'll look for a property that I know can be improved to add value (an intense effort over a short period of time) and that can generate rental income in the long-term.

An appraisal can be done based on "as is condition" or based on "subject to improvements".

My other litmus test comes from my prior cable days, which might place it at 9X to 11X cashflow (NOI), which also places value very near $80K.The capital improvement required in the water distribution system seems like a no-brainer, but absent separate metering, I wonder if you could immediately divide the water bill by the current quantity of tenants and have them begin to pay this immediately?

I am guessing the shark tank investors don't spend a lot of time in home improvement stores.

See an entitlement opportunity such as a lot split or zoning improvement?

Comps are valued at around $300k according to Zillow (I don't have access to MLS) Monthly Rents: $2,500 - 3,000; Annual Average Gross: $33,000 rent Property Taxes: $3,700 Insurance:$750 Maintenance & Repairs: $9,500 Other variable costs: 6% of rents Vacancy Rate: 3% (College town - generally have 5-15 days before new renters move in) Downpayment: 25% Years: 30 Rate 4.35% I am roughly estimating $5,000 in improvements though I will get a contractor to provide me with his/her estimate.