To assess potential rental income, research comparable rental properties in the area, known as "comps." Analyze factors such as location, square footage, amenities, and market demand. Additionally, consider current rental rates and occupancy levels in the neighborhood.

Common risks include market fluctuations, property maintenance costs, tenant turnover, and unexpected repairs. It’s essential to conduct thorough due diligence and consider factors such as location, property condition, and economic trends to mitigate these risks.

The initial investment can vary significantly based on the property’s price, financing options, and your investment strategy. Typically, investors should prepare for a down payment of 10-20% of the property value, along with closing costs and reserves for repairs or vacancies.

Effective property management can be achieved by either self-managing or hiring a property management company. If self-managing, stay organized with rental agreements, maintenance schedules, and tenant communications. If hiring a company, choose one with a good reputation and experience in managing similar properties to ensure your investment is well taken care of.