Check the rent before trusting the yield
Ask for the current lease, rent history and a recent rental appraisal. A listing’s rental estimate is a starting point. Compare it with similar properties currently offered in the same area, and check what makes yours different.
Record the source and date. A rent figure from an old listing can be less useful than a lower but current appraisal.
These are starting points. The documents you need depend on the property and location.
Replace allowances with actual bills
Request council and water notices, strata levies if applicable, and a management quote with all fees shown. Get an insurance quote for the property itself. Ask your adviser about land tax and ownership structure.
A low strata levy is not always good news. Read the available records for the capital-works fund, insurance, disputes and proposed special levies. Regular costs and one-off works should appear separately in your analysis.
Look for costs that arrive after settlement
A suitable inspection can reveal defects that photos miss. Ask what needs attention now, what is likely to need replacement soon, and whether specialist reports are warranted.
Check planning and permitted use, access, relevant hazards and local restrictions through the appropriate authority. Do not assume a listing’s description establishes that a use is approved.
Confirm the whole cash requirement
The deposit is only one part of the purchase budget. Add duty, conveyancing, inspections, loan costs and immediate works. Keep the holding-cost buffer separate so it is still available after settlement.
A large special levy or repair can outweigh small differences in rates or management fees. The checklist records evidence; it does not certify the property.
Keep the evidence beside the scenario
The optional checklist has space for each source and date, plus notes for unanswered questions. Save a property to keep its record, or export a session file to carry it to another device. Notes stay out of share links.
Before committing, review the contract and property-specific issues with the appropriate professionals. The calculator organises the numbers; the documents explain whether those numbers are believable.
Further reading: ASIC Moneysmart: property investment costs and risks.