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The top of this page displays a Dashboard Summary of all of my key performance metrics. Scroll down for a detailed month-by-month account.
september 2020 update (SOLD)
Sold for $199,900!
I made near-zero cash flow while holding this investment, but in the end I was saved by significant debt paydown and appreciation. This was an opportunistic sale, taking advantage of the state of the market, and will give me the opportunity to convert this equity into a cash flow cow.
august 2020 update (under contract)
Still under contract, planning to close in about 10 days. Unlike the Indy properties, there were no make-ready costs for this sale. I even still made a bit of cash flow this month.
july 2020 update (UNDER CONTRACT)
Considering the state of the market (insane, irrationally exuberant sellers market) and following some gentle urging from my wife, I finally decided to sell this townhouse. I contacted my agent/PM about it on 8/3, and in less than a week, this property is under contract to sell for $199,900, $15k more than I ever thought it was worth. It’s a great time to be a seller.
Like my other sales, I’ll be reporting on final numbers when all the dust settles from closing costs, mortgage payoff, escrow reimbursement, etc. Also like the other sales, the proceeds will be going towards a 1031 exchange into a larger property.
june 2020 update (+$231)
All quiet again.
may 2020 update (+$84)
Snooze fest again. In a good way.
april 2020 update (+$133)
Unsurprisingly, this A+ tenant was not affected by the COVID-19 shutdown.
march 2020 update (+$131)
Back in the green, no issues this month.
february 2020 update (-$161)
A very small repair pushed cash flow into negative for the month. This is why you want to buy properties that will cash flow much, much more.
january 2020 update (+$237)
Nothing wrong again. I recently had lunch in the same neighborhood as this property. This is about 5x nicer than all the other properties in my portfolio (too nice). Definitely A+ class area.
december 2019 update (+$100)
Another quiet month and near-perfect year for this property. I’m pleased!
november 2019 update (+$237)
Another good month. Anyone want to buy this property? (seriously)
october 2019 update (+$237)
No issues again, like clockwork.
september 2019 update (+$237)
Continuing to be slow and boring!
august 2019 update (+$117)
This property is a giant snooze fest - in a good way.
july 2019 update (+$117)
Paid sewer bill, that’s about it.
june 2019 update (+$237)
Carry on.
May 2019 update (+$237)
Back to business as usual. Also, the tenants extended their lease another 12 months, so I’m just going to keep holding onto this property collecting my tiny bit of cash flow until the next vacancy.
april 2019 update (-$186)
First negative month in a long time! This is from a FURNACE repair back in February when it was 0 degrees outside!
march 2019 update (+$238)
One more good month. The repair bill from February didn’t come in until after I got my disbursement. So, 15 months in a row of perfect cash flow from this property.
february 2019 update (+$118)
Another month with no issues…I think that’s 14 months in a row. Here’s some foreshadowing…I think that streak is about to be broken next month.
january 2019 update (+$248)
Great start to the year after having a perfect year in 2018. Using my new projections from my recent analysis, the long term expectation for this property is to break even on cash flow. As long as I keep this good tenant, I can beat that expectation. When they move out, it will be time to look at selling - possibly FSBO to a retail buyer.
December 2018 update (+$248)
Another great month putting an end to a literally perfect year. This property has me questioning how to budget for repairs/capex in newer properties (this was built in 2011 I believe). There are significantly less in newer properties.
November 2018 update (+$131)
No issues, again!
october 2018 update (+$248)
All quiet on the Central PA townhouse front.
september 2018 update(+$339)
Happy to see this property continue to have a great year.
august 2018 update (+$131)
No issues again. I had to pay the sewer bill which caused the cash flow to lower slightly. This is billed back to the tenant on a pro-rated basis so I'm getting reimbursed every month.
july 2018 update (+$241)
Last year's "dog" of the portfolio continues to hum along slow and steady.
June 2018 update (+$241)
Another month with no issues.
may 2018 update (+$209)
Another month with no issues, and the tenants are staying at least another 12 months. As long as they stay I'll hold onto this low cash flow property in an appreciating area. When they move it will probably be time to cash in on the appreciation (sell) and move the money into a higher cash flow property.
april 2018 update (+$202)
Another good month - I might actually make some decent cash flow off this property since the maintenance is so low. Also good news - the tenants were on a six month lease originally but decided to extend another year!
march 2018 update (+$250)
Good month for this property, no issues.
february 2018 update (+$24)
Eked out a measly 24 bucks this month. This will be the sad reality for most months as long as the rent stays this low.
january 2018 update (+$441)
Nice to see some positive cash flow for the first time in half a year from this property. I got a little extra bump from a check from escrow overage to make this number a little more juicy. Note that going forward I'm not expecting a lot of cash flow for this townhouse. My initial target rent was $1550 but due to the extended vacancy I dropped it all the way to $1295, giving up $255 of monthly cash flow. On average I really will only pocket $50-$100 per month going forward.
December 2017 update (-$532)
The back half of 2017 on the graph looks like a murder scene, but as I stated before the bleeding has been stopped. I paid the lease-up fee, then got my first rent payment in a long time for this property. Now that the lease-up fee is paid I'll be back to break-even or maybe a little bit cash flow positive next month.
November 2017 Update (-$1,352)
This is the last full month of vacancy. I am beyond excited to stop the bleeding next month. I'll get a partial payment in December and then full cash flow...finally...in January. The new tenant is on a 6 month lease and has a high probability to renew, 12 months at a time, after that. Then I'll be back on track to either fill the vacancy in the busy summer months OR sell when the market is hot.
October 2017 Update (-$1,099)
Still vacant at the end of October! We had a tenant lined up but they backed out at the last minute. Ugly, ugly vacancy! And this is not a good time of year to try and find a tenant. We are dropping the asking price to just get this thing filled and stop the bleeding.
As of the time of this update (mid-November) this has finally been filled at a lower rent rate. I will have to pay the leasing fee next month and will finally start cash flowing in January 2018.
september 2017 update (-$3,584)
Not only has this property been vacant for three months, but this month I got socked with the bill for replacing the carpets in the whole house. I have way too much "portfolio risk" in this property...when this property is vacant, the whole portfolio suffers. Not to mention that I think at a higher rent rate ($1550) less tenants qualify, which decreases the potential renter pool. I hope to have this vacancy filled by the end of October and stabilized.
July 2017 - august 2017
Vacant property, with indecision from PM on proper listing rates, as well as a complete breakdown in holding the tenant responsible for some expensive carpet damage. Unacceptable. New property manager acquired at end of August, but the damage was done.
July 2016 - June 2017
It was a nice 12 months, with tenants who were barely there (retirees in Florida, I think) and paid via direct deposit.
May 2016 - June 2016
Property was vacant. I handed it over to a property manager who got the vacancy filled.
January 2016 - april 2016
Found a short term tenant (4 months) and self managed.
December 2015
Acquired this property in December 2015. Terrible time to buy a property that needs a tenant!