Great building with some quirks
Pros
- Responsive management - Helpful handyman - Fenced entrance adds some sense of security - Overall the building has a historic charm to it with brick walls and spiral staircases
Cons
- Although management is responsive, it can still take days to get something fixed - Heat is electric and not included so that can add an extra $200 in winter months - Issues with roof leaking, many neighbors complained about this - No real negotiating power for the tenant and rent increases drastically every year. Over 20%
Advice to the owners
To help with tenant turnover, be more willing to negotiate and listen to tenants