How To Find & Analyze Rental Properties (FAST & FREE)!

Today, I’m breaking down exactly how to find and analyze rental properties using strategies that work in any market. These methods cost nothing to use and can lead to serious profits.

They’re the same strategies I used to become a multi-millionaire before the age of 30, build a $10 million real estate portfolio, and generate over $400,000 a year in passive income.

I’ll also walk you through a real rental property deal using my personal deal calculator. This is the same tool I use to analyze every single rental property I buy, and you can download it completely free.

So, whether you’re wholesaling, fixing and flipping, or building a rental portfolio, this guide will show you how to find better deals, avoid costly mistakes, and earn more money on every transaction.

• How I Find Rental Properties Fast & Free!
• What to Filter For (Multifamily, Bathroom Count, Lot Size, etc.)
• Hidden Rental Opportunities (Investor Keywords) 
• Red Flags to Avoid + What Makes a GREAT Deal
• How To Find Larger Multifamily Deals & Portfolios
• The Secret to Building Broker Relationships
• Free Tool: My Rental Deal Calculator
• Real Deal Analysis (Step-by-Step Walkthrough)
• Structuring Better Returns with Negotiation + Financing

How I Find Rental Properties Fast & Free!

Here’s exactly how I find rental properties step by step. I’ll start by pulling up Redfin.com so you can see firsthand how I source rental properties in real time using a few filters and a strategy that works in any market.

Other platforms like Realtor, Zillow, and Homes.com can be used with the exact same process. You don’t need fancy software or expensive tools—just free resources anyone can access.

The key is knowing what to look for, and I’ll walk you through the process.

For this example, I’ll use San Antonio, Texas. It’s a market I’ve been following because the economy is booming, population growth is strong, and I’ve seen interesting deals there.

But remember, you can follow along in your own backyard or any market of interest.

On Redfin, San Antonio currently has over 13,000 homes for sale. While any property could technically be turned into a rental, the real key is buying at the right price and structuring the acquisition correctly.

To narrow down thousands of listings, you’ll need to clearly define your “buy box”—your investment criteria. Decide whether you want single-family homes, multifamily properties, condos, or townhomes. Then consider your buying power. For example, if you can only purchase up to $600,000, there’s no reason to waste time on $1 million listings.

The clearer your buy box, the easier it will be to filter opportunities.

Read Also: How to Buy a Rental Property With No Money: Expert Guide

What to Filter For (Multifamily, Bathroom Count, Lot Size, etc.)

I personally invest in single-family homes and multifamily properties. On Redfin, you can filter by property type to focus only on what fits your buy box.

A pro tip: if you select multifamily properties, most of those listings are already geared toward investors, since the income-producing potential is the main selling point. Duplexes, triplexes, and fourplexes are great starting points.

From 13,000 listings, filtering by houses and multifamily might bring you down to around 11,700 results. Still a big number, but we can refine it further.

You can filter by year built, lot size, or bathrooms. For example, setting the minimum bathroom count to 4+ often brings up fourplexes or larger multifamily properties.

This is a great way to quickly zero in on strong rental opportunities.

Hidden Rental Opportunities (Investor Keywords)

Another strategy I love is using keyword searches inside listing descriptions. On Redfin, you can filter results by words like:

• “cash flow”
• “rental”
• “investor”
• “income”
• “1031 exchange”
• “fixer”
• “TLC”
• “handyman special”

These keywords often uncover motivated sellers or overlooked rental opportunities.

For example, typing in “investor” or “cash flow” might shrink thousands of listings down to just a few dozen. These are often properties already being marketed as rentals or rehab opportunities.

Sometimes, you’ll find poorly marketed listings with bad descriptions or photos. That’s actually a good thing—it usually means less competition and more room for negotiation.

Red Flags to Avoid + What Makes a GREAT Deal

Not every rental property you find will be a good deal. You’ll need to watch out for red flags.

Properties that have sat on the market for hundreds of days might have underlying issues such as difficult tenants, permitting problems, or unrealistic sellers.

Also, be cautious with listings that don’t cash flow. For example, if projected rents won’t even cover the estimated mortgage, taxes, and insurance, the property probably isn’t worth pursuing unless the price drops significantly.

On the flip side, great deals usually have:

• Strong rental demand in the neighborhood
• Cash flow that comfortably exceeds expenses
• Potential for forced appreciation (rehab, additional units, etc.)
• Motivated sellers (price reductions, long days on market, etc.)

Always leave room for negotiation. Even if your max budget is $600,000, consider filtering up to $700,000. You can always offer less and sometimes lock in deals well below asking.

How To Find Larger Multifamily Deals & Portfolios

If you’re looking for bigger opportunities, use the price reduction filter on Redfin. Motivated sellers often reduce prices after sitting on the market for a while.

You can also filter by price per square foot to find undervalued properties compared to the rest of the market.

These filters are especially useful when searching for duplexes, triplexes, and fourplexes, as well as larger multifamily portfolios.

Price reductions and low price-per-square-foot listings are usually strong indicators that a deal might be worth a closer look.

How to Review Financials & Offering Memorandums (OMs)

When looking at larger multifamily or commercial deals, you’ll often find a downloadable marketing package—commonly called an Offering Memorandum (OM).

These OMs typically include photos, property details, market data, and most importantly, the financials. You might see gross income, operating expenses, and sometimes even a pro forma showing “projected” returns.

One example I found produced over $400,000 per year in gross income. But here’s the catch: advertised numbers are almost always shown in the “best light.” Expenses may be underestimated, and income might be overstated.

That’s why it’s critical to “trust but verify.” Always dig deeper, ask for supporting documents, and do your own analysis before relying on seller-provided figures.

The Secret to Building Broker Relationships

On platforms like LoopNet, you’ll often find properties with attached marketing flyers or offering memorandums (OMs). These are standard in commercial real estate and include detailed financials, market insights, and property photos. They’re essentially the marketing packages for apartment deals and multifamily properties.

Always review these materials carefully, but remember the golden rule: trust, but verify. Sellers and brokers often underestimate expenses and highlight income in its best possible light. It’s your job to dig deeper and confirm whether the numbers are realistic.

Let’s take a real example: a fourplex in San Antonio listed at $925,000 with a 6.15 cap rate. It’s new construction (2023 build) and seems fairly priced at first glance. However, there was no downloadable marketing package, meaning you’d need to contact the broker directly for details.

And that’s where the real opportunity lies. Commercial real estate is a relationship-driven business. Brokers control access to inventory and often have deals that never hit public sites.

So, if you’re serious about buying in a market, pick up the phone and call these listing agents. Compliment them on their property, introduce yourself as a buyer, and share your criteria. You might even meet them for coffee or lunch. Over time, they’ll start sending you deals before they’re widely shopped around—sometimes even before they hit the market.

This is how you move upstream in the deal flow and unlock opportunities that other investors never see.

Read Also: Wholesaling Commercial Real Estate: The (Ultimate) Guide

Free Tool: My Rental Deal Calculator

If you want to shortcut the entire process and get access to fully rehabbed, pre-vetted, and cash-flowing rental properties, make sure you join our turnkey property investor list. These properties are managed by professional teams and cash flow from day one.

This is actually how I got started in 2015, and it remains one of the smartest, most passive strategies I use today. You still get all the benefits of direct ownership—rental income, appreciation, leverage, debt paydown, and major tax write-offs—without having to deal with tenants, toilets, or trash.

That said, finding and buying a deal is only step one. The money is made in the analysis. This is where most investors fail because they don’t truly understand how to run the numbers.

That’s why I’m giving you the exact rental deal calculator I use on every property. This free tool will help you instantly see if a deal is worth pursuing—or if you should walk away. Just head to realestateskills.com/calculator to download your copy and follow along with the walkthrough below.

Real Deal Analysis (Step-by-Step Walkthrough)

Finding properties is only half the battle. The real money is made by analyzing deals like a pro.

Most investors stop at the “finding” stage. But a property that doesn’t cash flow or isn’t structured correctly can quickly become a bad investment.

To show you exactly how I run numbers, let’s analyze a San Antonio fourplex listed at $360,000.

Using my Rental Cash Flow Calculator (which you can download for free at realestateskills.com/calculator), here’s how the numbers break down:

• Purchase Price: $360,000 (though we’ll negotiate lower)
• Down Payment (25%): $90,000
• Repairs & Reserves: $5,000
• Closing Costs: $7,000
• Total Cash Needed: ~$102,000

At this price, the monthly rent is $3,900. After accounting for mortgage, taxes, insurance, rental management, and maintenance, cash flow is only $84/month—a weak 1% return.

But here’s where smart investors win: structuring better returns.

Read Also: How To Buy Your First Rental Property: A Comprehensive Guide

Structuring Better Returns with Negotiation + Financing

The easiest lever to pull is the purchase price. If we negotiate the deal down to $300,000, cash flow jumps to $384/month, and annual returns improve to 5.3% cash-on-cash.

Another lever is interest rate buy-downs. By paying extra upfront, you can lower your mortgage rate and dramatically increase your annual cash flow. For example, buying down to 6.25% raised returns to 6.3% cash-on-cash.

You can also adjust the down payment. By putting 35% down, cash flow rises to $8,200/year with a 6.6% cash-on-cash return.

The point is: you’re not locked into the numbers you first see. With negotiation, financing strategies, and proper structuring, you can turn a mediocre deal into a strong one.

And remember—cash flow isn’t your only return. You also profit from:

Appreciation (property value increases)

Debt paydown (tenants paying off your loan)

Tax benefits (depreciation + write-offs)

That’s why real estate continues to be one of the most powerful wealth-building vehicles in the world.

Final Thoughts: From Finding to Closing Deals

Now you know exactly how to:

• Find rental properties fast & free
• Filter for strong opportunities
• Spot red flags and negotiate better terms
• Build broker relationships for off-market deals
• Analyze numbers like a pro using my free deal calculator

The next step is simple: take action. Deals won’t come to you—you have to make offers, analyze properties, and keep building your portfolio one step at a time.

If you haven’t already, download the free Rental Deal Calculator at realestateskills.com/calculator so you can confidently analyze your next deal.

And if you’re ready for step-by-step coaching, tools, and mentorship to build a six or even seven-figure real estate business, check out our Ultimate Investor Mentorship Program at realestateskills.com/programs.

Thanks for reading, and I’ll see you on the next deal!

*Disclosure: Real Estate Skills is not a law firm, and the information contained here does not constitute legal advice. You should consult with an attorney before making any legal conclusions. The information presented here is educational in nature. All investments involve risks, and the past performance of an investment, industry, sector, and/or market does not guarantee future returns or results. Investors are responsible for any investment decision they make. Such decisions should be based on an evaluation of their financial situation, investment objectives, risk tolerance, and liquidity needs.