Most first-time investors either overanalyze for a year or skip due diligence entirely and get burned. Landlord Lab is the middle path: deal analysis frameworks, financing breakdowns, and property management basics from people who've actually closed deals.

Inside: deal breakdowns, a members chat, and a system for evaluating your first property with actual numbers.

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Every first-time investor gets told "look for the 1% rule" (monthly rent = 1% of purchase price) and then gets discouraged when nothing in their market hits it. I bought 3 rentals in the last 4 years and not one of them cleared 1% on day one. Here's what I actually check instead.

1. Cash flow after ALL expenses, not just PITI.

Most first-timers run mortgage + taxes + insurance and call it done. That's not your real number. Budget: 8% vacancy, 10% repairs/capex, 8-10% property management (even if you're self-managing — pay yourself or you'll burn out and quit), plus actual utilities if any are on you. On a $2,000/mo rent, that's roughly $500-550/mo you need to subtract before you even look at the mortgage payment.

2. Cash-on-cash return, not the 1% rule.

Take your annual cash flow (after the real expenses above) and divide by actual cash you put in — down payment, closing costs, and any rehab. I target 8%+ cash-on-cash minimum for a first deal in a stable market. That number accounts for your specific financing, which the 1% rule completely ignores.

3. Rent-to-price ratio varies wildly by market, and that's fine.

My first duplex was in a B-class Midwest market at 0.85% rent-to-price and it's been my best-performing property because appreciation + low vacancy carried it. My second was in a hotter market at 0.6% and only worked because I house-hacked it with an FHA loan and a lower down payment. The ratio is a screening tool, not a rulebook.

4. Underwrite the worst month, not the average month.

What happens if you have a vacancy AND a $2,000 furnace repair in the same month? If that scenario doesn't just hurt but actually breaks you, the deal is too thin regardless of what the 1% rule says.

If you're analyzing your first property right now, run these four checks before you make an offer. Happy to look at your numbers if you want a second pair of eyes — drop them in the comments.