I agree with what's been said so far.
1) The seller should disclose the current rents being charged if there are tennants currently occupying the property.
2) Rental Rates can be checked by looking at rates currently being charged in Craig's list.
3) It seems reasonable to me that you might make an offer subject to verifying the rental rates being charged.
That could be done by a)asking the tennants or b) having the seller provide copies of lease agreements.
Good Luck!! Rental Property ROCKS!!!
During that due diligence period, you can ask for anything pertaining to P/L statements. All advice given below is valid. Nobody says you can't ask the tenants, too, just in case you find out someone is living there rent-free in trade for something else.
Scott Miller, Realty Associates, Boca Raton, FL
Check on Craigs list as to what are comparable rentals going for.
Call a Property Management company and find out what are Rentals going for.
Ask sellers for copies of checks or leases through your Realtor.
Hope this helps.
If the owner is using it as an income property, they should be able to share tax return information showing income and expenses. If they own other property as well, this should be broken down by property.
Let me know if I can help further...
Good luck, Lee
Lee P. Johansen
Keller Williams Realty Metropolitan
2 Bedford Farms Dr., Bedford, NH 03110
Licensed in New Hampshire
OH BY THE WAY
I'm never too busy
for your referrals