With the actual of $45118.40, that puts your vacancy (actual or economic) at 16% vs. the expected $900 a month.

I find it ironic that people who consider themselves to be capitalists that subscribe to the Austrian school of economics view this landlord's actions as justified.The Austrian principles state very clearly that robbery doesn't equal murder.

Management of housing for low fixed income elderly renters and people with disabilities that are economically disadvantaged increases the challenge.  

If your goals are investing for current income and long term security, with the least amount of daily management involvement, then my strategies will work for you.There are several, good economic reasons, why I favor keeping a flock of rental houses, but the reason dearest to me is they furnish me with cash every month rain or shine!

You will have a very hard time in todays economic environment getting a bank to lend like that on an asset that doesn't appraise anywhere close to the loan value on their books.

If you want health professionals put the distance to hospitals on mass transit. 

If your that worried about a leak or a heater going out I would take the money you save by not buying the warranty and put it in a cookie jar in case something pops up , kinda like a health savings account

and start backing out or building in other economic indicators. 

I didn't realize that the health industry actually counts as industry for an area.

The owner has had some health issues and has let the place get rundown in general but also by tenants.