Upside/Downside to "Lower Income" Weekly Rentals

[John Mark Pollard]

What are your thoughts on apartments that are weekly rentals? Good idea/bad idea? I'm not talking about short term rentals or Air bnb properties.

Here's the skinny, I have a potential opportunity to purchase a multifamily that (supposedly) doesnt have much turn over but all existing tenants pay $200/week. The cash flow from all the units would be incredible to me. It almost seems too good to be true. The owner does pay all utilities and cable but has historical records of the monthly charges, and again it still has incredible cash flow with that factored in.

What am I not considering that I should be? A property mgt company would be a must for me in this scenario, but other than that I just cant find any hidden costs or risks. Thoughts???