Be careful.

Since they notified you of this, you should get it taken care of as your insurance may not cover a claim if there is an accident because it was a known defect.

Where these numbers are found, there is a very high rate of rent actually being paid.We have over a dozen Fortune 500 companies just in Metro Detroit with huge Healthcare, Auto, and mortgage industry National footprints.

Your tenants need to buck up and take care of the bugs.

The short answer is I look for 9% min and try to press it to 11% with those strategies along with rental increases once improvements are made and the tenants know you actually care about the property.

Typically  issues are raised when the exterior is not kept up with / parking on grass / garbage in neighborhoods where everyone takes pretty good care of their homes.If you keep it clean and run a tight ship, you should be okay most of the time.

Better to have your own property manager use trusted handymen to take care of the issues for long term/quality fixes. 

Remember, this is still a sales type of business so be very careful on who you choose to work with.

You'll want to hire a licensed loan servicer to take care of that for you (Provident, Madison, FCI, etc).

I always say 'I don't care what cap rate I buy at, I care what cap rate I can turn it into'I built Market Analysis and Sales Comps tools for my local SoCal market that will let you analyze the current or terminal property & units, from wherever you get your deals from:Sales Comps & ARV estimate:Sales market analysis:Rental market analysis:Would love to discuss how to make your extension that much better!