Property Details: 2- 4 units buildings ( one parcel) All brickConcrete parking lot ( ample space for parking) New roof on 409 Sykes( replaced in 2017 from Tornado) Roof replaced in 2010 on 407 SykesNewer vinyl replacement windowsAll units are 2/1 – 800 sq ft Central AC with Apollo gas water heatersWasher/ dryer hook ups in all units5 of the 6 occupied units had newer AC systems ( last 7 years) Owner pays waterTenants pay electric/ Gas ( 2 of the current units the owner was paying for Gas/Electric) Low incidents of crime from last year analysis performed by Guilford County PoliceNear bus stopsClose to Grocery/ Convenience stores and local employment 6 of the 8 were occupiedTenants had Canisters for Trash ( roll ups they had to take up long hill) 2 units were vacant and down to the studs from fire 18 years ago DEAL DETAILS: Listed with the broker that was representing us from our last deal with him one month before Seller wanted $300Agreed to $225K 6 of the 8 units were occupiedSelf managed $3570 Gross Rents ( less water which owner paid, and utilities for some of the units) Disinterested landlord who did as little as he could for his current tenants, and didn’t have any desire to get rents to market rate as he owned outright ( he was a slumlord) Rents were under market between $50-$75/ doorLong term tenants that wanted to stay but wanted to have a nicer place to live and better customer serviceBuildings were in great shape being all brick , but the area needed some TLCLonger term tenants that were month to month Opportunity to essentially build 2 brand new units and have this be a true 8 unit Strategy:Buy Right, Manage Right and Finance Right # WheelbarrowProfitsWhen we took over end of February 2019 the gross rents were around $3570/month ( less water $270/ month, gas/electric of 1 unit @ $200/ month which equated to $3100/ month and our projections are $5,110 Gross Rents with all 8 leased ( less water for all 8 units $240, no payment of any utilities ) equals $4870/ month Gross rents.We had property management in place from our other 12 units and worked with them to start managing these 8 units for us as well and help us start repostitioning this property.

I agree that this likely will make them motivated sellers, but I'm also very sympathetic to the stress and strain that a major health incident like this can put on a family emotionally. 

One structural warranty provider (2-10) reports that they have a 5% incidence of claims, which seems surprisingly common.   

If there is a third incident I would consider your options regarding the tenant because you going to have to replace the back door every two weeks it seems like.

No one wants to read the story about the millennial that aced the job interview and does his job without incident, they want to read the story about the millennial whose parents had to evict him for being a leech.

Were there incidents of required repairs by inspectors?

We've talked since the incident and apologies were made for overreactions.P.S.

@Alex G.The insurance company did raise the premium after the incident for the following in 2018.My insurance is up for renewal but they raised it yet again and the raise is completely out of proportion as in there is no method to the madness.

The parents & kids vacated without incident after doing a lot of rehab including a Hi Effic.

Is there any kind of insurance that could have been purchased in advance to cover such an incident.