The Green House: tenant destruction

[Dustin Lavender]

We bought this house 15 months ago and our latest tenant just moved out. This house has been a cash flow king for me, but this go around I think I am going to do some major repairs.

We bought the house for 17k, put in 8k in initial renovations and upgrades, including a new central ac. Since then, looking at my books my repair and upkeep costs have been $900 to this point. The house rents for $550 a month. Mortgage is $108 per month and insurance cost is $280 per year. Taxes $600. Been empty for a total of 2 weeks in the last 14 months.

The latest tenant trashed it pretty good but nothing beyond repair. Will post pictures shortly.

[Dustin Lavender]

@Jeff Russell I agree with you. My market here, from what I have seen and read on bigger pockets and by analyzing markets around me, is kind of strange. I could buy a 3 bed/2bath house for 80k, dated, but move in ready. Rent would be $650, maybe. Or I can buy a 20k 2 bed/1bath house put a little bit into, usually under 5k, and it will rent for $550. 

I doll them up just enough to appeal to the college kids, but that's usually it. If I can figure out how to upload pics I will. This is by far our worst house. And even with all of the repairs I need, and intend, to make my rehab this go round will be $600 all in.