Some cities are attractive for tourism, not Detroit.

Most annual renters here are restaurant workers or people tied to tourism or retirees.In the 3 years that we have known this gentleman he has only had one renter that lasted for 4 month before she told him that she could not afford the rent.Gentleman does not need the money, but finally figured he still could make some money off of his property.So he approached me and asked if we would manage vacation rentals in his unit for him.I told him I was not interested in managing for him but if he was interested in renting to me and let me sub lease to do Vacation Rentals my self we might have a deal.He said he would rent 5 units out of 7 since he wants one for himself an 1 unit for family members when they visit.So I said give me a price for all 5 units to lease.He came back at $2200 a month if I rented all 5 units.I told him that would work.I then asked, how about if I give you one year rent upfront on 5 units, We finally agreed on $100,000 up front for annual lease of 5 units.That works out to $1667 a month per unit , what's that work out to?

Its a great market for Airbnb because of year round tourism.