What to look for in an investment rental property?

Here are a few things you should consider when searching for your rental property. Neighborhood- the neighborhood you buy in effects the type of tenants you attract and the number of vacancies you will experience. 

Property Taxes
Since property takes vary, it's something an investor needs to consider, since taxes come out of how much you make from your rental. 

Schools
Tenants may have or be planning on having children, so they will need to e by good schools. Look at the school’s ratings in the area. If there are rated poorly, consider a buying a rental property in a different area. 

Crime
No one wants to live in a location with a lot of crime. The police can let you know about the crime rate and types of crimes in the surround areas. 

Amenities
What amenities does the property offer? In our area, typically central air is lower cost to maintain rather than a swamp cooler. Location - Does the neighborhood have parks, malls, gyms, theatres, etc. These makes a rental property more desirable. 

Rents
Rental income will be the bread and butter, so you need to know the average rent in the area. That way you can plan for your mortgage and have an idea of what you’re going to get monthly. 

If you have a question about this topic or need assistance with anything else, contact a TierOne Real Estate Property Manager at 801-486-6200 - we're here to help.