Bonus that the rents are higher than the lower comps you pulled (double check because tenants shop around, so may be your comps were not equivalent). 

Double digit NET caps are to be had.

How do you usually structure those early meetings and conversations to ensure you get a complete picture of their experience and reliability?

@Melissa Nash - Yes, there are multiple reasons that I'm getting into Real Estate but with the updated picture of the ADR for the past year, the cash flow was not as good as they were indicating initially.

Double-check that your homeowner's insurance covers room rentals.

Giving us a full picture of what's going on here would be helpful.For example, what did you purchase the property for?

Real estate is a marathon, not a sprint, and having a big-picture perspective allows investors to grow wealth steadily while navigating market shifts with confidence.Besta regards,Drago

Most areas that aren't A or B neighborhoods do not support new construction without some outside subsidy funding. just look at south side chicago were you can buy an exist 2 flat for what 100k that will need work so maybe 250k all in those properties even with the lot for free would cost double that to build today.. if not more..

Even if he won't sign a new lease, I would simply post this on his door advising him of the new rental rate, take a picture of it, and save it for possible future need if you have to file for eviction. 

Had to cancel my trip in the last minute as my wife is in a medical emergency. Its for two people (kids go free) and 4 nights. I have paid close to $4000. Price is negotiable.