The market for the tear down new builds has softened a bit over there. 

In the end no matter how good the investment looks on paper if the tenant tears up the place and doesn't pay you will lose money.  

You do need to consider the extra wear and tear that can come from certain breeds as well as the increased liability.  

When you say 75K invested do you mean that is what you have paid for any rehab, repair and normal wear and tear on a property that you own or do you own the house free and clear?

Figure out what you have into the property for total cost and than run a highest and best use analysis.This should tell you whether to rehab what is there or tear it down and build something new with the same asset class or a totally different asset class ( commercial, etc.).Additionally once you find out the highest and best use then look at the TIME required to develop that use and receive income from it or sell off.Some people will get the fire department to do a "controlled burn" on the property and use it as a fire exercise.

that is amazing. sad you'll have to tear it all down, it should really be a museum exhibit. but yeah, no one wants a bathroom that crazy these days. i see a hanging swag light in there as well. my goodness!

There are a lot of things that go into a real estate contract that could tear best friends apart.

Less wear and tear, less noise,, not as many cars, not as much general traffic in and out of buildings.If you choose to do this keep it across the board,, no exceptions,, Fair housing applies,, you need to be consistent.

People are buying houses left and right and tearing them down for the land underneath.I wish you luck if you can find something, if you really are interested in condos, you might look in Uptown/knox Henderson/m Streets..  

Due to the increased wear and tear from more occupants, is it reasonable to ask for more rent, such as 2800 or 3000?