I love the idea and its really quite nice because the costs are minimal and upside is huge.

That creates a really nice price / rent ratio which is favorable for investors looking for cash flow.

Everything is nicely organized and labeled.

It would certainly be a nice thing to do.

Your specific variable expense assumptions are wrong, BUT you stumbled into them being correct overall.Also, you are approaching this correctly - entering in the numbers to generate a purchase price that meets your metrics:) Hi Drew, nice to see you here!

We've averaged around 7% for mortgage rates for the past two years now…I think if we can see a settling somewhere in the 6% range, if not sub 6%, we will see nice consumer confidence not only for home values, but rent values as well.

I started off by doing flips, built my "bank" and real estate knowledge and started looking for "off market" properties, which has turned out quite nicely.

Finally, The rent control discourages further development, limiting supply which results in higher rents.So rents go up, but the rent control advocates are too uneducated on the economics of the rent control policy to see their role in the rent increase.Another consequence of rent control is no value in keeping the property as nice.

It would be nice if you had a contact who was an actual mason not a marketer.  1930's construction is rare so maybe they cut some corners it was a global depression.  

It's a nice place but in a small town it can be tough to find a good property manager.