Since it's a multi-story building with interior hallways, they hired a local cleaning lady.

I'd rather have a nice and clean property.

By October 2016, the condo was mine.Since then, my husband and I have done about $4000 of renovations to the condo (repainted walls and ceiling, refinished the hardwood floor, fixed up and reframed the electric fireplace, crazy amount of cleaning, refinished the sink, put in new blinds, brighter lighting fixtures, etc).  

We will then clean it up a bit and put it on the mls.

If you do choose to do Airbnb it's fairly self managing if you have a reliable cleaning company and handyman.  

By the time you paint, make repairs, clean, pay for advertising and vacancies you could be well over 2K or 3K dollars. 

Now no more frustration.You can obviously evict the tenant but be prepared for that major turnover expense as well; paint, carpet, cleaning, landscaping, utilities, repairs, etc.As far as PM's doing extra work chasing non-payers; 100% they do extra work.

Harry,Most people have more of an adversion or fear of not gettting along with their house mates and not having "clean" common areas.

I cleaned up the plumbers' mess, and my tenant got a new faucet.  

Rental Income                   97,308.33              99.5%Total Income                     97,813.33            100.0%Expenses1155 Crawford Supplies            1,395.85               1.4%Carpet Cleanings                          145.00               0.1%Dumpster Rental                             59.78               0.1%HVAC                                        10,188.30            10.4%Insurance                                    6,099.35              6.2%Interest Expense                       19,672.53            20.1%Labor                                           9,644.56              9.9%Legal and Professional Fees          500.00              0.5%Licenses and Permits                       25.00              0.0%Mgt Fee                                        1,600.00             1.6% (although it says he managed it                                                                                                              personally)Office Supplies                                  50.00              0.1%Pest Control                                     800.00             0.8%Property Tax Expense                  4,369.76              4.5%Rent                                                 155.00              0.2% (not sure what this is for)Rental Equipment                             222.92              0.2%Repairs and Maintenance              5,929.69              6.1%Supplies and Materials                  8,867.40              9.1%Utilities                                           6,270.92               6.4%Total Expense                              75,996.06             77.7%Net Ordinary Income                    21,817.27             22.3%Cap Rate at asking price of           $899,900             2.42%I did some PVA searching and found the assessed value to be at $543,171 which would put taxes at $6092.75 for the year.