It currently has a renewed leased tenant for a year @$1400 a month (the owner of the property rented it out to workers at an under-market rate but could easily get $1500-1700).

How long are the leases?

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

And back to '08', what do you do, DONT SELL, lease it instead.

Most folks are charging 10% of the rental rate for monthly PM fees. 1 months rent for a leasing fee and couple hundred for a lease renewal.

It is not an easy thing to run a property when your customers are horrible haha.I recommend student housing with 9 or 10 months lease and run STR during the summer for this property while students are on vacation.

We're also able to evaluate our rates, and keep pace with inflation, on a monthly and quarterly basis because of shorter term leases.

@Phillip Austin we've looked into these and it's our opinion they should only be used with Class A tenants, maybe Class B - deifinitely NOT Class C or D tenants.Several companies in this area will no longer allow S8 leases or tenants under 600 credit scores - because of the high number of claims & corresponding claim amounts.

WE DO IT NONE-DSCR Investment Property Loan ( Use As-IS LTV) - Max of 75% Leverage, None Leases needed, No Tenants Needed,  We have an Amazing Products and Excellent Team that has been funding loan for long long time.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.