Screen in five minutes
Price per unit vs recent sales; implied cap rate on adjusted NOI; rents vs market; occupancy trend; age and condition of roof and systems; and whether utilities are individually metered.
Location and demand
Employment base, proximity to jobs and schools, crime trends, and local supply. In secondary Texas markets, a single large employer can matter a lot.
Operations
Who will manage it? Small properties often run on owner goodwill; plan for professional management costs. Check how rent is collected and how turnover is handled.
Exit
Who will buy it from you, and at what cap rate? Underwrite an exit cap rate higher than today's.
This guide is general information, not legal, tax or financial advice. Talk to your own advisors about your situation.
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