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You definitely want to review all leases and tenant payment history. You need to know if they have had late payment penalties or failure to pay rent notices filed. In some areas, that history is enough to file for eviction the next time rent is late.

Look for signs of deferred maintenance - asking the tenants will give you their perspective too (take it for what it's worth). Make sure you have a thorough inspection. You want to be sure there are no housing violations or building code violations that could have you in court later.

Always remember that the bank will not loan you money unless YOU can pay the full mortgage without tenants. Most landlords and I am one do not keep copies of utilitiy statements. However if I was going to sell I would keep the last few. I do have a copy of my remodelling contract and warranty which is only valid for me and would not do a buyer any good. You can check with apartments.com to get an udea of the going rate of apartments in the area. Things that will increase the rent are larger or multiple bathrooms, large kitchens and bedrooms, closet space, etc. Basically the more bells and whistles you offer the sweeter the deal is dor the tenants and more rent for you.

Also expect that the seller may mislead you to make things look better than they are. You better double check all this thru other sources. Drive around and walk in other rental units and ask other owners questions (how many are available and at what price?) Get an inspection done by an inspector that you hire. Check with the city and ask about any code violations and such.

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