It may surprise you, but we have always operated under the premise that renewals make us more money than new leases.

This approach will allow you to focus on the financial benefits rather than the day-to-day operational tasks.Additionally, consider how this rental income will contribute to your overall financial picture.

If your property management company is good and has built an internal maintenance team which has set rates and had strong relationship relationships with licensed contractor which should keep costs in control, you should never need to shop contractors on your own I wouldn't think.So in short, our policy is give us your preferred contractors upfront if you have them, but then we work all tickets to resolution including dispatch, and payment of invoices.This is of course for operational expenses.  

Deduct mortgage interest, property taxes, travel, and operational expenses.

@Jenny Yu sorry to hear about your experience, we own and operate 51 units we own and manage for other clients in Jacksonville and Orlando.

@Jay Hinrichs exactly the risk is even more than traditional development and the profit is actually less with more operational headaches.

This will provide you two benefits:1) Help you better define the position, so you can hire a better matched person2) Make training the next person easier

.: That sounds very similar to how I operate.

Do you have a 501c3 that you operate under (and rent the house from yourself), or do you purchase homes with an LLC or personal name, and run as a regular business? 

Some numbers:Expected 2026 income after raising rents to market value and assuming 7% vacancy: $144k.Expenses: $14k property management, $18k property tax, $10k insurance, $10k utilities, $8k in repairs/maintenance/advertising/admin/etc: Total operating expenses: $60kNOI: $84kBased on 6% cap rate that brings the valuation to only $1.4m, or $1.5m based on 5.5% cap rate.