A "buy box" in real estate is a set of criteria that an investor uses to identify properties that meet their investment goals. The buy box typically includes specific property characteristics and market conditions. Here’s what is often included:

Property Characteristics:

• Neighborhood Grade: The quality or class of the neighborhood, often rated as A, B, C, or D, where A is the highest quality
• Number of Bedrooms: Minimum and maximum number of bedrooms the property should have
• Number of Bathrooms: Minimum and maximum number of bathrooms
• Square Footage (Sqft): Desired range of total living space
• Lot Size: Size of the property lot, especially relevant for single-family homes
• Year Built: Range of acceptable construction years, often to avoid older homes with potential maintenance issues
• Property Type: Single-family homes, multi-family properties, condos, townhomes, etc.
• Condition: Turnkey, light rehab, heavy rehab, or tear-down, based on the investor’s renovation preferences

Financial Criteria:

• Price Range: Minimum and maximum purchase price
• Cap Rate: Minimum capitalization rate for the property to meet investment returns
• Cash-on-Cash Return: Desired percentage return on invested cash
• Rental Yield: Expected rental income relative to property price
• Gross Rent Multiplier (GRM): Ratio of property price to gross rental income

Market Conditions:

• Location: Specific geographic areas, ZIP codes, or neighborhoods
• School District: Preference for properties within certain school districts, especially in family-oriented neighborhoods
• Crime Rate: Level of acceptable crime rates within the neighborhood