Newbie Rental diary - Part 2

[Rob Gleason]

We are now 60 days into our new business and it's getting a bit more complicated.  

Duplex #1 - tenant "B" eventually payed last months rent but is late AGAIN this month. My wife  ....er, partner doesn't want evict because tenant is a single mother and according to the prior owner she always pays but she is always late. There's 2 months left on the lease and I don't thing we will offer a renewal.

Duplex #2 - Tenant "A" no problems: young pregnant couple that pays on time.  Tenant "B" has been in violation of the lease by keeping 2 small dogs in the house.  They're lease was ending February 1st so we gave them the option of $300 pet deposit + $25/mo rent increase or get rid of the dogs or move.  They moved and we kept the security deposit due to the absolute FILTH they left in the appartment.  Now we are renovating, which I wasn't planing to do for a few months but we couldn't let the opportunity of an empty unit pass us by. After we tossed the garbage and ripped up the carpet and linoleum this is what we have: both bedrooms have water stained hardwood floors, bathroom and halway floor rotted, mold around bedroom windows, 6 of 8 windows are broken/damaged, duct work for HVAC is damaged.  Oh, and I've never seen so many roaches !  All totals about $8k in repairs and updates, bringing our total investment to $54k. On the plus side, we think we can rent for $600 - 650 once it's done (current rent was $490).  We put up flyers locally and a sign in the front.  Got 15 phone calls in one week and only 3 said the rent was too high.  Plan is to do an open house around the 24th and pick a tenant by the 26th, with lease starting March 1st.  Is that too ambitious ?  Do we need more tome to vet the applicants?