When to end tenancy?
Hi!
I am in the process of buying a triplex that, according to the current owners, cash flows nicely at 2% (rare for this area!). However, two of the units pay under market rents and the tenants in those units are very dirty. But they supposedly do pay on time. Should we nudge these tenants out or just let them stay and keep paying? (They are on month to month leases.)
Market rents are $100-150 higher than what they are paying and the units would need about $2K of work each to make them attractive to regular renters. Despite being pretty "icky", the units pass inspection. It's tough as a new landlord not to make at least some basic improvements!