Consistent Late Payments but keeping Tenant - stupid?

[J. Martin]

1 of my 6 units in a lower-income neighborhood is late consistently, every month. I have accepted it so far, w/ late fee, for over 6 months. And so far, plan to continue doing so (but adding a daily late fee). However, I have repeatedly seen advice on these forums about evicting someone immediately when they don't pay.

Am I crazy? And this is going to end with a big eviction fight and losses at some point?

Or does the $600+ I'm going to collect over a 12mo period, coupled with the 1.5mo security deposit, adequately compensate me for that risk?.. relative to the cost of turnover and unknowns associated with the next tenant?

Pays about 2/3 by 5th (last day before late fee). Remainder + $50 late fee by the next Friday.

Neighborhood: Lower-income in SF Bay
Security Deposit: 1.5mo rent
Rent: Fair, but higher side of market b/c nicer condition
Hassle Factor: Little. Rarely calls for any repairs or asks for anything. Doesn't bother other tenants. Friendly. Always pays $50 late fee without question, b/c he knows I will always enforce it.

Unit Condition: They take care of the unit. My handyman takes a look every few months, and it is in expected condition.

I have accepted it so far because of the reasons above. 1.5mo security deposit allows me an additional 1/2 month of time before eviction start, and still be starting w/ 1mo deposit (w/ .5 going towards unpaid rent for that half month while I was waiting without filing). The tenants are low-maintenance, and the rents are good. (To be honest I don't mind the extra $600 this year either.. Will pay for half my plane ticket to Asia!) I would estimate they are about average as far as tenants go in this lower-income area. And predictable and consistent in the amount and timing of late payments (so at least it's a known.)

[Steve Babiak]

Originally posted by @Rob K.:

... Some people are just stupid and will always be a day late and a dollar short.

...

One foreclosure that I bought at sheriff sale had this book title at bedside for reading - "A Day Late and a Dollar Short"; seems like that borrower could have written the sequel called "Waaayyy More Than a Day Late and Waaayyy More Than a Dollar Short" :)