Guide
A first rental property checklist
Use this checklist when you buy a long-term rental for a small portfolio.
Before you make an offer
- Get a reviewed rent estimate. Each return calculation depends on the rent estimate.
- Check nearby comparable rentals. Compare bedrooms, size, and condition.
- Calculate GRM. Divide the purchase price by annual rent. Compare properties in the same market.
- Budget for vacancy. Do not assume that the property will always have a tenant.
- Include maintenance and repairs. Also include the mortgage, taxes, and insurance.
- Choose how to manage the property. Include manager fees if you will hire a manager.
Before you close
- Get a professional inspection. Property condition can change the renovation cost and achievable rent.
- Review local landlord and tenant laws. Rules for rent, notices, and deposits vary by location.
- Use your approved loan terms. Recalculate with your interest rate and down payment.
If the property isn't listed anywhere
You can evaluate a property that Zillow does not list. Our custom order process uses the photos and property details that you submit.