My brother and I own a small apartment bldg in SC, one that our grandparents had owned. One tenant moved out and the property mgt company recommended we paint the apartment and replace various items, including the screen door. We said Okay, but it was time to raise the rent to something closer to in line what it should bring, from the current $500/month up to $600 a month. The repair work cost about $4000. Then the property mgt company said that the stove was nonfunctional and irrepairable, dating from the Eisenhower Admin and the refrigerator needed replacing as well, total cost $1800. We said Okay. Then I just got an e-mail from the property mgt company saying that the new tenant is getting rent support from some agency or another - and it seems that mandates that welfare agency do an inspection of their own which revealed various fairly small items that they thought needed attention, adding up to $1250 worth of work, but this would enable the tenant to pay $650 a month.
Do the math. How long will it take for us to break even for all of these upgrades, most of which really did not affect the ability of the apartment to be used?
Oh, and the local municipality is increasing the property taxes from $6900 to $9100.