Not my style, but anyone have exp w/weekly rent? Row house studio

[Jon S.]

I saw an extremely run down property with 3 tiny one room studios in a row house, perhaps 200 SF each! Another 1/1 was a little bigger. And a main house was about 2000 sf. This isn't the kind of property I would want to own, but someone pointed out to me that tiny studios go for $500/mo. I was surprised to hear that. I was also told these kind of units usually rent to people who need to have the rent collected from them weekly. It all sounds quite depressing. What experiences have you had with renting motel rooms, or row house studios, or with collecting rent weekly? Thanks

[Michael Seeker]

I've had a couple major reno projects that I inherited weekly paying tenants when buying the buildings.  My goal was to move them on their way so that I could start rehab so my experience isn't extensive.  What I found is that these types of properties attract a lot of crime, have a lot of deferred maintenance issues and are generally all around unpleasant.  I also ran into issues collecting rent.

Overall, the additional income probably covers the additional expenses but doesn't adequately compensate for the added hassle (in my opinion).