Guaranteed rent payments, annual (or more often) inspections by the agency, constant pool of motivated tenants.

No homeowners insurance needed and the HOA is 180 that covers water/sewer and other maintenance.

@Stephen Jones what is the opportunity to do RUBs (bill back) the utilities, water, and garbage to the tenants?

Condition, size, bed/bath counts, amenities (pool, view, etc.) are all adjusted accordingly and knowing how much for each for your market is essential.Back in 2009-2011, most comps in my area were short sales or REO's, all of which in need of repairs, often major repairs.

Are they separately metered for water, or does the landlord currently pay that?

I have learned to work on the safety items first including electrical, necessary structural, Roof leaks, water system leaks etc.

The PM found a water leak in the kitchen area (upstairs) and water stain on the outside of downstairs bedroom.

.- You mentioned water in the panel board and wet/corroded breakers.

Or a water line could freeze and burst in 2 months and create a 3-4k repair shortly after buying.

when assigning an inspector make sure they test the water.