What to Look for in Your First Rental Property

💡 Thinking about buying your first rental property? The right choice depends on how involved you want to be as an investor.

If you prefer a more hands-off investment, a condo is often the easiest entry point since maintenance is largely taken care of. But if you’re looking for higher returns and don’t mind putting in a bit of work, here’s what to watch for:

✅ Duplex or triplex potential — multiple units means multiple streams of income.
✅ At least one vacant unit — this allows you to renovate right away without displacing tenants.
✅ “Depleted” properties — homes that need updating give you room to add value.

Why does this matter? With multiple units, even if one is empty during renovations, the others can still generate rental income to help cover costs. This strategy also lets you renovate one unit at a time, gradually increasing rents and boosting property value.

Another smart option: look for bungalows with a separate entrance that can be converted into two apartments. More units equal more cash flow and flexibility.

🏡 The sweet spot? 2–3 units with room for improvement = steady income + long-term appreciation.