The city of Ventura, Malibu, and calabasas (during a healthy market) can provide some additional supply that will supplement the lack in Thousand Oaks.

I have read that I would need to carpet, paint/seal the walls, and clean the ducts.

HelloMy finished basement has tiles on floor and it looks very clean visually but once when I walk barefoot on floor my feet becomes dark.Looks like I need to do some cleaning.How can I clean my tiled floor.Appreciate your feedback.Thanks

There are closing costs and rehab costs to take into consideration as well, but still a very healthy return on your money.

I won't go into all of them, but the primary thing was that our kitchen cabinets were basically falling off the wall, the dishwasher stopped working after using it 3 times and the P-trap under the sink was malfunctioning, causing a constant water drip and massive hole under the sink - which they had covered up with a shelf and cleaning supplies.

Now we're sitting at 6 properties total that generate a healthy monthly passive cash flow (mail box money as they say!). 

At the same time, with new people moving here and a pretty healthy average sales price, there are probably worse places to be.And to Steve, I do not believe that is the case...that Colorado has reciprocity in all 50 states.    

If not, you may want to be prepared for a fight, especially if one A/C guy talked about unsafe conditions.Personally, I'd cut my losses and give a full refund of the deposit, assuming they comply with the other terms of the lease to clean the place and leave it in good condition. 

Our payroll is running around $200K a year for 2 FT + 2 PT.INCOME = $465,720EXPENSE = $213,200NET = $252,520 ($21K profit a month)This leaves us plenty of wiggle room to offer resident retention programs, marketing programs, cover out-of-pocket upfront expenses, and maintain a healthy business operation WITHOUT overcharging our clients.Your assumptions:Renovation - 30-50% markup bet I'm close, hopefully not low by a bunch.

Like anything, the 80/20 principle applies to lenders. 80%of them stink and do very little business while 20% are cleaning up.