How to get rid of a toxic property?
Hi,
I ventured into property investment in memphis about 2 years ago.
Invested a few units in this city. All are on track for positive cashflow except one which is in a poor neighbourhood area. About 9 months ago, the unit was left vacant and soon after, it was vandalised.
My local property mgr was underperforming and i had to change a new one from sept 2014.
My insurance company rejected my insurance claim and if i am to repair, it will cost me over $6-7K. This unit was bought at 49K. Even if i repair it, it may still prone to vandalism.
Any kind advise out there as in how to deal with this toxic unit?