Hello everyone I am a new investor in CT and was looking to buy my first condo in Hamden I have analyzed the deal and the ROI is coming to 6.4% but I am not to sure about the rental demand in Hamden My realtor does tell me that there are very less condos for rental and the demand is more which seems to be true, so on to more specifics condo is 2 bedroom 1 and half bathroom 953 sq ft on mix ave closer to shopping and Yale and Quinnipiac Universities .Asking price 169,900 needs some paint job and carpet replacement in the bedrooms other than that nothing much needed.

The numbers will always be worse right after a new property is acquired while you work through inherited bad tenants and deferred maintenance.Wait till the day your cleaning cat poop out of kitchen cabinets, or dead fish out of a fridge because the electric bill did not get paid, or a dirty toilet because the water bill did not get paid, or rolling up carpet to burn so the exterminator can kill the fleas, or a renter turns the water back on while the plumber is working in another room so they can flush the toilet.

The property will be self-managed.1bd 1bth: Price: $195,000$1923/month with 3% down Properties in the area that are similar go for around 2000-2300/monthminor renovations needed( carpet in the bedroom and replacing some cabinets)3bd 1.5bth: $195,000$1,286/month with 3% downproperties that are similar in the area go for around 2200-2300/monthno renovations needed

( Im specifically talking about when the tenant obviously cleaned very well when they left the home maybe missed a few thing like windows, vents ect. 4 -   Is dirt/ dust normal wear and tear for carpet cleaning ? 

Bedrooms have new carpeting and fans with light fixtures.

New carpet in bedrooms.

And to rip out all the carpet. 

This will help you get a better idea of what tile, hardwood, carpet, plumbing fixtures and light fixtures costs for your rehabs.#4 Contact Local Contractors For PricingCall local Subcontractors and get budget pricing for common repairs on your typical rehab project.

My CPA is saying we need to collect W9s from the vendors (carpet, cleaning, everyone that gets paid more than $600) even though they're paid by the management company.

If their mess is trash, consider more dumpster space.If their mess is junk mail put two covered commercial trash bins near the mail pickup station.Post a red paper folded in half on their door with tan masking tape at eye level.In it say you will stop by in a day or two to introduce yourself, include a baked cookie recipe, and a silly joke.The next day start door knocking (Saturday might be best).Spend 10 mins with each one just at the doorway, talking about the problems and ask for their help solving them.Ask them if they have any problems too, ie. maintenance way behind schedule, spooky characters in the lot at night, etc..You could also tell them if the problem is fixed in 90 days or so, you will hold a drawing for a $25 gift card to the closest grocery store--but they have to be current on their rent.If it's fixed--pay for the gift card, and do the drawing and let everyone know who the winner is.If it's not fixed, red letter tan tape at eye level, saying its not fixed, so no drawing, but ask the to please keep working on it.You might want to clear the $25 gift card with the owner though, some are pennywise, pound you know what.Note: If you are in a general area with Red/Blue gang territory don't use red paper, just use white printer paper.