I live in a duplex. It is waterfront. The owner of the other unit is a real bastard and a lot of a problem. I was offered the chance of buying his unit as he now has it for sale. Price $980,000.. It is rented for $700 week. Rates are $2,700 and insurance $2,200. Without allowing for maintenance, it would return $31,500 pa. If I borrowed to buy it, I would lose around $20,000 per year.
On these prices I should sell mine and lease it back and save the Rates and insurance and be many thousands better off. It looks like it is the tenants that are the leaches.
