They pay but the place is filthy...

[Blake Jones]

Hi all. I inherited a few properties. One of them is in very poor condition. It is rented and the tenants have been there for about 8 years. It is a poor family. The property has a few broken windows with boards up over them, an interior door off the hinges, rot on the bottom of the cabinet under the kitchen sink from a leak some time ago, water seeping up from the concrete in a back room making the carpet damp if it rains a lot. The people don't clean it. The bathroom looks like mold central. The people are constantly late in payment. But they do pay (usually the middle to end of the month). They have never missed a payment. Just always late. They pay $475 per month. And they really don't complain about the condition. I think it's a situation to where as long as they are allowed to be a couple of weeks late they won't complain about repairs. As I said, I inherited this situation. I really don't care if they are fine with this. But I don't want the property ruined. When they move out it will need a lot of rehab. So I reasoned that I might as well keep cashing their money orders till that day comes. But I do question if it is wise to delay rehab for so long. And if I do rehab it I should get some better tenants. But for now I'm getting $475 each month and it's no worries. What would you guys/gals do? Thanks!