Updated almost 6 years ago on . Most recent reply
Problem rental next door
I have a long story here, but I'll try to keep it simple and to the point: We live in a nice, quiet rural area, but have a problem rental out front. The landlord bought it for (what seems to me way too much) in 2004, split it into 3 units (illegally I presume, based on zoning) and has proceeded to rent the main house out to a long list of low lifes. Two renters ago burglarized local homes, and the last renters trashed the place and stopped paying rent before being evicted. It sat vacant for 6 months, and now he's just signed a lease with a family of known druggies in town because they were able to move in within a week of viewing the place (he was informed they were druggies by the tenant in the converted shed rental on the property but was antsy to rent it because he's paying the mortgage.)
We asked about buying the place, but he wanted to sell it for the "zillow zestimate" which is heavily skewed because it has a lot of low-quality square footage (1000 sq ft windowless basement that floods, etc) and doesn't take into account the quality of the property.
Anyone been in this situation before? Any suggestions? Move? Pay too much for the house? It's a bit of a head scratcher to me, because as far as I can tell this guy is renting it and losing money on the place, but he seems in no rush to get rid of it. As long as he owns it, it seems inevitable that we'll have to keep our blinds closed, equipment locked up, and watch our young kids closely for fear of who he's vectored into an otherwise peaceful neighborhood.