My costs didn't support the rents
Redeveloped a mobile home park into duplexes. Tried to get the college students down the street but the market wasn't strong enough for the students (small population). Built them too big (bc I wanted the students).
Total Cost 1.2 million
City population: 16,500
2 duplexes, each door is 1750 sq ft. 4 bed/3 bath.
Total Rents 5630 (Im losing money..it kills me.)
I have the land to build 2-3 more buildings when the time is right. I got killed framing this past april. The market is stronger for a 2 bed/1.5 bath. I believe I can rent that size for 1295--near the same price. Do I build some smaller duplexes in the future, or even 2 quads to try to get back in doors what I lost in my mistake of building these first 2 way too big?
I don't want to keep sinking money into this project but I don't want to give up just yet.