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.