He's never been late with rent.The Numbers:The unit is 70's era 1200+ sq. ft. 2 BD/1.5 BR townhome.

Both are pretty safe and near enough to good/cool parts of town. 30's era 3/1's mostly usually requiring some rehab or updates.

Lots of stuff to be aware of especially on these 1940's  era homes.

I am working on three properties right now that are in the 1940-60’s era and they pose their own challenges: electrical heat, cinder block foundations, etc.

@Sera TurnerLook at the words that you're using, Sera. 

@John MurphyI had a chance to buy an 1850's era church very similar to what you are describing but just couldn't come to terms with what to do with it, even at a low purchase price. 

I've also got a lovely old 30's-era craftsman bungalow in a college rental neighborhood, and those little college b*st*rds can trash a place with the best of them.

The other buildings in the area are mostly 70's era apartment buildings and brand new townhome complexes.

We did one..we bought the home next door & initially we got $820/mo in a 70's era SFH in very very tired shape.When they moved after 5 years we rehabbed it for $18k & got $1400/mo & that was 6 years ago.We did bump the rents over 2 more tenants (now $1650/mo) but the current tenants do all the maintenance.When the 20 yr old HW tank burst at the seams they shut everything of, cleaned up the mess.

Que Sera.