Without too much effort (and after quickly responding to and fixing some of the things that needed improvement when just starting out), short term renting on Airbnb ended up covering our breakeven costs for those 3 months.Last week our daughter and the other students moved in, so the house is now operating in student rental mode. 

In your area look for the potential economic drivers that are operational today that may attract outside investment.

Please correct me if I am missing some line items here, but here are the working numbers for the property:+ Gross Rental Income: $150,000- Cleaning Fees: ($21,600)- Management Fees:  ($19,260)- Property Taxes: ($3,700)- Insurance: ($2,400)- Trash & Local Tax: ($650)- Utilities: ($7,200)- Pest Control ($560)- Supplies/Maintenance: ($1200)- Acct/Legal: ($1500)TOTAL EXPENSES = ($58,070)Net Operating Income = $91,930---Based on my limited understanding of the local CAP rates for similar properties in Philadelphia, PA 19106 it looks like 5-6% is a realistic number. 

They are becoming more and more common/popular in the Joshua Tree area of California where I am an active investor/VRBO operator. 

I see in their supplied Proforma that Net Operating Income is $75,720 and their listed Cap Rate is 5.11%.When I do the formula for finding value (value = NOI/Cap Rate), I end up with $1,481,800.What this appears to tell me is that they are charging a $218,200 premium over the value of the property when figured against a Cap Rate of 5.11%, correct?

It did explain why the house had a lot of damage to the siding corners and window trims and a later water issue could have been part of it… Whoever did the that drainage work should fire their operator.

Grrrr my problem the last month.I am not a fan of keys because you never really know who has a key.We have maybe 8 buildings with coin operated washer and dryer.

I'm expanding operations of a real estate investment firm in Austin, TX and focus on finding lots for builders.

septic, lagoon, waste water treatment plant...or combination of 2 or 3  of them.Private utilities are a headache and cost way more per lot to operate than city water/sewer...that is why it normally doesn't make sense financially to buy a private utility park below 50 units or if you have one of the utilities on city.

I am reaching out to you to see if any of you have any advice you could share with me on what we must have in our operating agreement, buysell agreement, or any other experiences good or bad you can share?