If so, you're likely one of the best landlords in the country, and I would recommend buying much larger apartment buildings/complexes where you can make a LOT more money...My biggest concern based on your answers is that if you're doing all the work yourself (leasing, maintenance, turn-over, landscaping, evictions, etc), you're probably spending at least a third of time time (if not a lot more) on this one property, and this one property is only earning you $20K per year.So, you basically have created a job for yourself, that's earning you less than $60K/year.

I graduated from Kansas State University in May, 2003 after earning a degree in Construction Science and Management.

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Give them their notice, use their deposit to get the problems fixed right, and start over with a new tenant.Alternatively, ask for an additional deposit to deal with the extra damage.

I estimate they should earn about $280K pa, for a profit of $110K pa for operating a property management business.The difference to me is between making $170K pa with no hassles, and $220K with potentially many problems.

I'm not sure if it is applicable to you or your needs but you might read it over and get some ideas at least.My opinion of Investing is that new investors usually need to earn higher rates of return when starting out and add cash flow properties along the way.

I have seen MANY "resident managers" that had a pretty free hand with supplies that "fixed" and painted neighbors homes/apartments for a little "extra" income.

I would plan on doing this using this combination:- any extra income from my business- using the money i would have used for my existing house payment (would be free now because I would have already paid it off)- using the income from the tenantwe are cheapskates here :)It would take basically $5100 a month in extra payments to do it, but the $1000 a month saved from no house payment, and say $100 from our tenant in the property would mean we would need to come up with 4k a month extra for a year.

I have some amount of earnings apart from the ones that I save for my necessities.

You are EARNING the management and maintenance expenses.Good Luck,Mike