Possible tenant on Social Security and cosigner.... worth it?

Question

I have a 2 bed 1 bath garden unit, I have this possible tenant who is interested, she makes about $3500 with disability and social services. She has a co-signer willing to sign, but I'm hesitant with her age/safety (the garden unit has a steep staircase) and with rent being $1800 is that doable for her? I'm thinking that at least social security is steady, but I don't want to take any risks. Any advice? I have a tender heart but this is also my BUSINESS. Thank you in advance

Michele Fischer · Answer

As far as the safety issue, get that out of your head and vocabularity.  It is discrimatory.  She saw the stairs, she knows her capabilities, let her decide if she wants to deal with them.  You could let her know that you are too small to make reasonable accomodation if the stairs become an issue, but probably not worth it.

As far as rent to income ratio, this is something you should set before you start taking applications, then stick to your standards.  We deal in low income properties, so our criteria is that rent cannot be more than 50% of income, but if the income source is non-taxable we increase it to 59%.  But our sweet spot is 28%-31%, this is where tenants have the most stability.