← Back to ResourcesChecklist

Investment Property Checklist

Every question you need to answer before buying an investment property. Built from real experience—including the mistakes. Tap any section to see the full checklist.

Deal Analysis

Run the real numbers before you get emotionally attached to a property.

Research actual rent comps (3-5 similar rentals in the area)
Calculate all annual expenses (mortgage, taxes, insurance, maintenance, vacancy)
Calculate monthly cash flow (rent minus all expenses)
Calculate cap rate (NOI ÷ purchase price) — target 5-8% in this market
Is the price fair compared to recent sold comps?
Does the strategy fit? (Cash flow vs. appreciation vs. value-add)

Property Inspection Checklist

What to actually check before you trust a listing's photos.

Foundation: No visible cracks, no moisture damage
Roof: Age, condition, no signs of leaks (should have 10+ years remaining)
HVAC: Age and condition (replacement cost if needed)
Plumbing: Good water pressure, no leaks, water heater age
Electrical: Panel condition, adequate amperage (100A min, 200A preferred)
Interior: No mold, asbestos risk (pre-1980), lead paint risk (pre-1978)
Exterior: Siding, windows, gutters, proper grading away from foundation

Financing Checklist

Confirm your lender, your terms, and your true monthly number.

Lender has investment property experience
Down payment requirement confirmed (typically 20-25%)
Interest rate and loan terms reviewed
Closing costs estimated
Monthly payment (PITI) calculated and included in cash flow analysis
Pre-approval obtained (not just pre-qualification)

Neighborhood Check

The area matters as much as the property — maybe more.

Population trend: growing, stable, or declining?
Rental demand: vacancy rate in the area?
Average days to lease comparable properties
School quality and proximity
Job market and employment trends nearby
Crime trends: improving, stable, or worsening?
Would you live here? Would strong tenants want to live here?

Management Plan

Decide how the property gets managed before you own it, not after.

Self-manage or hire property manager?
If self-managing: systems for rent collection, maintenance requests, tenant screening
If hiring PM: 8-10% of rent is typical cost, confirm scope of services
Tenant screening criteria defined (credit, income, rental history)
Lease agreement reviewed and compliant with Indiana landlord-tenant law
Emergency maintenance vendor contacts ready

Ready to Analyze a Deal?

Let's run through the numbers together before you commit.

Talk Investment Strategy