Property Guidelines: What homes are eligible for ZeroDown Rent-to-Own?

ZeroDown and you have the same goal, which is to buy a great home that is in great shape and will steadily appreciate over the years. Most move-in ready homes in major metropolitan cities where our rent-to-own program operates are eligible.

The guidelines below outline requirements for a home to qualify for our rent-to-own program. ZeroDown may determine any home to be ineligible based on our investigation of the property, even if it meets the below guidelines.

The lists below are not comprehensive and these guidelines are subject to change at any time at our discretion. Because our website pulls all home listings from the local multiple listing service(s), there are likely homes listed on our website that are ineligible and ZeroDown reserves the right to reject any property for reasons other than those listed here.

Property Type Guidelines

  • Single family residential homes, including condos and townhouses that can receive traditional financing with clean title. The following do not qualify:
    • Tenancy In Common (TIC) properties.
    • Multi-unit properties such as a duplex, triplex, etc.
    • Commercial, modular homes, log cabins, mobile homes, houseboats, mixed-use or manufactured housing.
  • Appraised value of
    • $200,000 to $1 million in Arizona, Florida, Georgia, Virginia, and Texas.*
    • $200,000 to $1.5 million in Colorado and Washington.*
    • $200,000 to $2.5 million in Califonia.*
  • Must be located on paved roads.
  • Not in subdivisions or new construction phases that are less than 50% complete.
  • Must be owner-occupied or vacant at the time of sale (no investment properties or leased properties).
  • Not a short sale, foreclosure, probate, bank-owned property, or property sold at auction or by a government agency.
  • Not part of condo developments, associations or neighborhoods that prohibit long-term rental agreements, have maximum rental periods, have age restrictions, or require Board approval of lease post-closing.
  • Not part of condo developments, associations or neighborhoods that require background/credit checks and interviews for renters.
  • Not part of a condo development, association or neighborhood with pending or active litigation.
  • Not subject to natural hazard risks (flood, fire, earthquake, etc.) that are abnormal for the metro area.
  • Not subject to excessive operating expenses (excessive tax, insurance, HOA, other assessments).
  • Must be your primary residence.
* ZeroDown obtains an appraisal or valuation on each home prior to purchasing it. ZeroDown reserves the right to reject a property if the appraised value is less than the proposed offer price or purchase price.

Property Condition Guidelines

  • Move-in ready with up-to-date major systems, no habitability concerns, and no significant renovations, repairs or corrective work required.
  • Not constructed with outdated, obsolete or otherwise problematic materials, structures or floorplans.
  • Not in need of repair or replacement of any major systems to ensure proper function (for example, roof, electrical, HVAC, plumbing, foundation, structure). If any major systems or their components have met or exceeded their life expectancy, ZeroDown may reject the home or require replacement before close.
  • No pending rehab projects, incomplete structures or structures that are in disrepair or excessively dilapidated.
  • No significant physical issues with the surrounding area or neighborhood, such as blight, disrepair or excessive dilapidation.
  • No liens that will not clear at close, and must have marketable title.
  • No unpermitted or unlicensed work, additions or square footage *
  • No significant foundation or other structural issues, or damage caused by floods, fire, or other natural disasters.
  • No active organic growth (e.g. mold), active leaks or an active pest infestation. Any evidence of past water damage or infestation must be investigated to confirm the source or underlying issue is no longer problematic.
  • No history of illegal activities on the premises, or contamination by hazardous or illegal substances.
* ZeroDown will consider exceptions on a case-by case basis.

Prohibited Features

  • Sunrooms with glass ceilings.
  • Above ground or vinyl pools
  • Simultaneous or back to back closings (“double escrow”).
  • Propane tanks as the primary heating source.
  • Well or septic system.