From a financial perspective, this townhouse has been a great investment. I bought it in 2011 for $22,500. I have spent $11,900 on repairs and improvements (note: I am excluding mileage from traveling to the property in my costs here). This deadbeat tenant paid just under $25,000 in rent since moving in.
=$34,400 Cash Out of Pocket
-$25,000 Rental Income
=$9,400 I am out of pocket - and I still own the house free and clear!
What Happens Now?
The biggest unknown is the condition of my property. I already plan to paint and replace the carpet upstairs, and there will surely be other repairs. I have called the handyman I used a couple months ago to get started on the house. I'll be hiring a new management company, which means my hands are nearly clean of the drama I've had with this particular investment.