He owns free and clear, just last year performed major rehab and updated the house.

Can anyone tell me some major pros and cons about this?

I'm new to running this type of analysis so bear with me.In calculating the NOI, I've seen examples where the major expenses (taxes, maintenance, insurance) are still counted as an expense to the owner (even though commercial leases are typically NNN) and then it's balanced out by a line item to the income for 'tenant reimbursements' which is essentially the tenant paying the owner back per the NNN.Every example I've seen has the tenant reimbursements be exactly equal to the expenses such that it's a net zero to the owner.

They can tell you who has done major renovations in the area recently.  

I'm in Nova Scotia , close to several major universities.Cheers,

I agree about the sticker shock checking things out online but with the vast majority of properties here 100 years old, and most severely neglected, the maintenance and heating costs alone are absurd and almost every one will need a new roof, foundation work, lots of electrical work and more significant repairs that just make it a nightmare and the low prices not worth it in the long run (in my opinion and those I've talked with in the business up here). 

The deferred maintenance arent major items but they need to be taken care of....landscaping, replace some sod, paint the exterior, minor drywall repairs, replace a shower door...overall the house is solid.

That is 4 major wins in my eyes.I used to be stationed at Andrews AFB (Washington DC) and we would travel to Norfolk a lot.

Hard to find better tenants in my opinion.Living there for the time that I have, I know that it doesn't need any major repairs and he's even updated several areas as well. 

I'm looking for referrals for great:- property managers- handymen (non licensed preferred for cost reasons on the majority of small repairs... even more specifically for laminate flooring and painting)- property inspector / contractor- a local attorney would be nice to knowThanks so much Jim I really appreciate it!