Long story short: never take numbers at face value and always check to see if things like vacancy and maintenance costs used in the ROI calc are really tracked and updated regularly or if they are estimates.

Such as the roof needs to be completely replaced (there is a ridge sag and seems it could fail, rafters aren't place correctly), the porch needs a larger joist as its sagging down as well, the basement still has asbestos, the basement needs waterproofing as there is a moldy smell and minor water leakage, barely update the 1st floor unit, update and correct the electrical (relocate a fuse panel in a bathroom), brand new panels in the basement with a larger feed coming in, concrete steps in front and rear of house are in need of some repair, the boilers may need to be replaced, replace a few broken windows(completely shattered, just a piece of plywood covers them now), the lower roof gutters were nailed directly into the shingles, there are no GFCI's in any bathroom or kitchen, and a few other fixes.It would be an FHA 203k with 3.5% down$9,600 per year in taxesGarbage is included in taxes, tenants pay gas and electric, owner pays waterThe 1st floor unit is a 2/1 rented for $1225, they have exclusive use of driveway, backyard and the basement. 2nd/3rd floor unit is listed as 3/1, however there is 2 bedrooms on the 3rd floor with a bathroom.

Most non payment cases are welfare tenants therefor the government is forcing private landlords, through denying evictions, to house them so the government does not have to provide subsidized housing for them.If landlords had eviction records and understood the system we face the over whelming majority of welfare recipients would never get private housing in Ontario.

There are plenty of very real moral dilemmas that you may regularly face in Real Estate Investing, but raising rents to the market rate on a well maintained unit is NOT one of them IMO.

Applicant #1 barely meets my income requirement, but she does meet it.

So I turned around and face him.

I've been faced with - very accommodating to understanding that everyone has to start somewhere (as did they) and have been very good conversationalist and at least willing to explore a JV, to people that really want someone who is already at pace with them - obviously that is not a good fit now but perhaps later. 

@Michael Didion I would do central AC on any property unless it was a very bare bones low end unit.

We manage many condos that rented between $3,500-$4,500 and the owners barely having a positive cash flow because over 25% of gross rent is going into the HOA.I would look into the mid west area with your current capital and hire a property management company which will take around 10% off your gross rent but be sure to do your due diligent.

I'm facing a similar situation.