Posted by Irwin on April 18, 1999 at 20:59:15:
The fact that the man paid $62k in '92 and is now trying to unload it for $50 should tell you something-like this is probably the worst deal you could ever make. First of all $525 from a Sec.8 (welfare) tenant, barely pays the mortgage. You can’t imagine how much wear & tear Section 8 tenants (or any tenant for that matter) can inflict on a house.
Put the calculator back in the box until you learn some basics of owning and operating rental property. Just looking at numbers will get you into trouble.