Expect 50% of your rental income to go toward operating expenses (excluding the mortgage) [17].
Monthly rent should ideally be at least 1% of the purchase price [16]. buying first rental property
For your first rental, prioritize properties that are "move-in ready" or require only cosmetic updates. Major structural or system repairs can quickly erase your initial capital [7]. 📝 Phase 3: Due Diligence and Closing Expect 50% of your rental income to go
Renters are attracted to areas near public transportation, parks, and grocery stores [8]. and grocery stores [8].