When we take over a property, and the rents are $400 less than what market is, as in your case, there' usually no way that resident can pay.

I am a real estate broker and have access to market data for valuations.

We hired our first acquisition sales rep, Eddie, in July 2019.Going into 2020, we expanded into new markets, including Western New York, Wichita, KS, and Las Vegas.

This year, I sold 3 of my rental properties (one has a large capital, one at a loss (because I bought it at the top of the market), and the other one breaks even).

My wife and I purchased our first rental property here in Maui in June of 2023 to use as an STR as it was a consistent market, numbers worked, and we live 5 minutes away from the property so self-managing made sense! 

These markets are not bad for landlords - they are landlord dreams.

If you want to network or ask specific questions about your local market, go to your local real estate forum and connect with investors from your area: https://www.biggerpockets.com/forums/86-local-real-estate-networking5.

If you want to network or ask specific questions about your local market, go to your local real estate forum and connect with investors from your area: https://www.biggerpockets.com/forums/86-local-real-estate-networking5.

An extra bedroom can add $20,000 to $50,000 to your home's value, depending on your local market. 

@Henry Clark, The property is located in California and has a market value of $1.7M.