I'm with Brian... given those cash flows simply go with a PM... maybe even pay them a premium.I understand your philosophy of amount of work per dollar earned... but instead of dropping the property completely to reduce the workload, why not outsource some of that work at the sacrifice of some of the money???

In that case the 50% rule drops to 38% or so.

Unfortunately I think you will find that section 8 cares more about their tenants than the landlords.I have gone the route before of section 8 violations and the case workers do nothing.You simply have to evict the section 8 tenants.Mine not in compliance went voluntarily.It was a case of one great tenant next door had a small child care facility of watching 4 to 5 kids.The section 8 next door that were inherited tenants I received upon inspection had a pit bull and a rottweiler.They were told that was a violation of their lease.We evicted and they said they had gotten rid of the animal only to find they were hiding it and was back again.The parents dropping off the kids were scared of the pit bull for the day care next door.This tenant also had a portion of utilities they were responsible for after the voucher paid.They went round and round not understanding why they paid the difference etc.I can tell you when you look at section 8 it is great as long as you pay attention to the voucher.If you want to rent for 800 and the voucher is for 500 then don't do it.They simply will not make up the difference.If it's only 50 bucks they have to come up with then they can usually pull it off.Section 8 inspectors are real picky on all the things they want fixed before you pass inspection.If a tenant wears down a property heavily each year and you have to put a ton of money in to pass inspection each time that is a consideration.Don't be quick to evict the other regular tenant.You have to treat them like a person with a mortgage falling on hard times.

I've seen a dramatic drop in foreclosures over the past year.

We have maintenance install the washer and dryers so they are hooked up correctly.We use teflon tape,the steel braided hoses wit the high quality washers on the inside.Where the discharge hose goes into the drain we install a strap to the wall so the discharge hose won't fall out when draining and leak.Even given all that if they have an old washer it can give out and water can be released.The simple fix is a drain pan under the washer with a pipe that ties into the discharge pipe in the wall.All of this will cost about 40 bucks or so not including labor.Well worth it than cleaning up a huge leak causing massive damage.We also check the hot and cold water valves the supply lines hook into from the washer.The valves might be gone and partially leaking.Also if the tenant installs the washer and dryer they might over tighten fittings causing bent pipes and damage or under tighten having leaks.Been my experience with over 20 units on a 30 year old building.

We have a summer home on the water in Virginia that we also bought in our early 30's.

Yup, lots of stuff...What about capital costs (depending on the area and property, you'll likely spend at least $20,000 every 20 years to replace roofs, HVAC units, water heaters, etc)?

They will see you brining in hot water tanks and copper.

If the offer is accepted great, otherwise we move on to the next property.With the recent passing of AB 284 the number of foreclosure filings has dropped more than 80% therefore the number of new foreclosures coming on the market has slowed drastically.

Price dropped dramatically overnight, so the next day we got in there with our agent and decided to put a contract on it.