i'm about a month away from selling a property in seattle and i plan to take the proceeds via a 1031 exchange to the midwest. i've been reading up as much as i can and just getting my feet wet. it'll be the first out-of-state investment for me.
as such, i'm curious on the forum's take on two broad topics:
1. what are the top 5 things you look at specifically for the property you're buying?
2. what are the top 5 things you look at for the neighborhood/city/state/region that your property will be in?
Where/What are you looking? Seattle is obviously a super pricey area so you could have your pick of properties.
Price/DP - Different styles of homes have different DP requirements.
Cash Flow - Potential for increase/decrease. Can I convert the attic to increase rents? Or is a near by business closing and going to depress the area.
Currently Rented - I like having tenants already in place assuming they are on time and not cooking meth. This way you already know what your market rent is.
Condition - How much work am I going to have to do ST/MT/LT? Often insurance will get involved and dictate you have to do repairs.
Location/Market - How is the area doing? Am I going to have trouble renting this in the future?
I only buy in areas I know, plus I want to be able to access major issues as the arrive with my own eyes. So I am not much help to you there. That being said I totally understand why your looking out of state!