The other day I was watching this classic with my wife, and remarked, "Sure, Potter is kind of an ***, but is in a real tough position in light of the economy, and has to have a thick skin."

Make sure they are renting month to month.This is the classic mom & popCongratsGino

Hi @Chris Hansen Most residential buy-and-hold investors aim for $300/month/unit, but are very happy with $250/month/unit, and call it a no-go at below $150/month/unit.However, it does meet the classic 1% rule, so some would say it's good to go.For me personally, the monthly profits seem a little slim but the CoC is roughly 10% a year.

Your have the classic, sensible approach - comps are key (definitely not eyeing anywhere near $739k for our house by the way).  

That said, there are a lot of lots...but it might look weird having an old Victorian surrounded entirely by circa 2018 suburban homes.To me that would be like having a classic muscle car parked in a neighborhood full of SUVs, if I were a car guy. :) The lady would be painted & I'd go nuts every Christmas.

I wanted to start investing in multi-unit properties(5+), and before I jump in, I need to understand the basic math behind this type of investment.I want to try with classic strategy of buying a value-add property, where I can increase the rent and decrease the expenses after acquisition.

Classic "Minnesota Nice."

But I think you have a classic series of failed promises by them (to pay rent on time) and may want to think about a Crucial Confrontation (not violent of course--just verbal) by the book of the same title-- or start the wheels turning on getting these professional tenants on the way out.  

You are making the classic mistake of assuming that in order to take down the next deal you need your own money.

After about a week on the market, I had an offer…BUT…as a first time landlord, I made the classic mistake of not properly screening my tenant.