Bob Bruss.

1. Basically sound condition without major structural defects.

2. Good location with a low crime rate.

3. Good-quality school district.

4. Need for profitable cosmetic fix-up work, but not major unprofitable repairs.

5. Purchase price at least 30 percent below the market value of nearby comparable homes in good condition.

6. Purchase from a motivated seller who is anxious to sell.

7. Affordable low-down-payment financing.

8. Seller or tenant will vacate immediately upon transfer of title.

9. Within a 60-minute drive from your current residence.

10. Good demand from renters and/or buyers.