First Rental Property Checklist for Fort Wayne Investors

A first rental property can be a solid step toward long-term wealth — if the numbers work and you go in prepared. Use this checklist before you make an offer, and talk with our investment property team for an analysis of specific homes.

Financing

• Ask lenders how investment-property loans differ from primary-residence loans in down payment, rate and reserve requirements.
• Plan cash reserves for vacancies and repairs, separate from your personal emergency fund.

Run the numbers

• Estimate realistic market rent from comparable rentals, not the seller's projections.
• List every expense: mortgage, taxes, insurance, maintenance, capital repairs, vacancy, utilities you cover, and management fees.
• Calculate monthly cash flow and your return on the cash you invest. If it only works with perfect assumptions, keep looking.

Inspect for the expensive items

• Roof, foundation, furnace and air conditioning, water heater, plumbing and electrical.
• Signs of water intrusion in basements and crawl spaces.
• Condition of items tenants use heavily: flooring, appliances, fixtures.

Know the rules

• Learn your obligations as a landlord under Indiana law and any local requirements, and follow fair housing rules when advertising and screening.
• Talk with an insurance agent about a landlord policy, and with a tax professional about how rental income is treated.

Decide how it will be managed

Self-managing saves fees but takes time for showings, screening, rent collection and repairs. A property manager costs money but buys back that time. Build whichever you choose into your numbers from day one.