Residential real estate deals just aren’t bargains if you’re buying a property that is hard to rent. If you want to hold onto a property and find a tenant for it, finding a property that easily rents itself is essential. Even if you plan to flip the property, though, a highly rentable property is likely to sell quickly and is likely to appeal to a broader base of home buyers. In other words, if a homebuyer couldn’t rent a property, it’s unlikely they would actually buy it, either.

There are many ways to find out which residential real estate deals would make a great rentals, and therefore high-value properties all around:

1) Read classified ads – the rental section — to decide which types of properties and rentals are most available, and how much they are renting for throughout the year. Also, look for which types of features are highlighted in the ads. Do many of the classified ads mention “views,” for example, or a home office? These are likely to be the amenities that local renters are looking for. Look for properties that allow you to offer the same amenities or features to your own tenants.

2) Talk to property management companies and rental agents. These professionals can tell you what renters are looking for — and what sorts of rental properties go fastest.

3) Take a look at the neighborhood. Are there many students? Inexpensive accommodations may be most attractive. Are there many senior citizens? Floor level accommodations that don’t require long treks up flights of stairs are probably much appreciated. Take a look at your market for renters, and then figure out what type of rental property would most appeal to your market.

4) Look for properties that are close to amenities. No matter where you are renting, easy access to amenities such as shopping malls, health care, clinics, area attractions, schools, and other necessities is always in demand.

5) Look for properties that you can fix out or that already in good condition. No one wants to rent a poorly maintained home or a home with serious problems. Plus, if you do rent out a home that isn’t in shipshape, you could end up getting complaints from your tenants, or you could even end up in legal trouble, since many municipalities have laws about quality of living.

6) Look for zoning laws that allow you to rent. New developments often have restrictive rules, for example, that don’t allow for absentee landlords. Some historic properties also can’t be rented out. Make sure that you can rent if that’s what you want to do.

7) Find out how much particular residential real estate deals will cost in terms of homeowners insurance if you plan to rent. Then, talk with an accountant to make sure that the amount of money you can receive in rent will cover all your maintenance fees, management fees, taxes, and insurance while also leaving you with a healthy profit margin.

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