I’ve seen 8 unit apartment buildings where each unit rents for $400 a month. A few of the units are chronically behind on rent. The building is in bad need of repairs, and the owner does as much of it as he can himself. The property taxes consume about half of the rents.
In that example, the building was paid off, so the owner could use the rest of the rents on repairs and maintenance.
Another 6 unit example recently sold around here for $40,000. If I recall correctly every tenant was delinquent, so the buyer was going to have to deal with that.
In that example, the building was paid off, so the owner could use the rest of the rents on repairs and maintenance.
Another 6 unit example recently sold around here for $40,000. If I recall correctly every tenant was delinquent, so the buyer was going to have to deal with that.