Most real estate investment analysis focuses heavily on the financial metrics (cash flow, cap rates, comps, etc.), but I've learned the hard way that property specific risks can make or break a deal.
Recently avoided what looked like a great rental property purchase when I discovered it had a history of flooding and multiple insurance events. The current condition looked fine, but the pattern of water damage over several years was a huge red flag for future problems.
Another property I considered had unpermitted additions that would have required expensive modifications to bring up to code before I could legally rent it.
For those investing in real estate, what's your process for researching property specific risks beyond the standard financial analysis? How do you uncover historical issues that might not be immediately visible?