We have four properties in two regions. We previously decided to try to offload our 3 rental properties in the other region. I personally do all the work (screening tenants, managing everything, getting about 20-40 leases signed a year, getting texts day and night while working full-time, and getting sick of just not making money for the crazy amount of work I was putting in, always fixing something instead). There was no management company available in that region. One property has now sold, one is selling (fingers crossed, and its the one that would often (not always) eat up earnings from the others). The last property in that region has had zero interest and I may have to rent/manage it and its 6-7 leases at a time indefinitely (that's the one we don't co-own). At least that last property seems to make money on average, but I need to put about 30K into it sometime soon, unfortunately.
Finally, the one I'm writing this post about has been less stressful because we and the co-owners own it completely without mortgage (put 53,000 into it between purchase and reno) and we had a company managing it well. They kept it rented, sometimes just one lease for years at a time. Until that company just… didn't bother managing it anymore. At one point, they didn't deposit the rent for months. More recently, they just didn't fill it at all. So we started to think we should just get rid of this one, too, especially because it was vacant, anyway.
The other thing is that we own it jointly, and there's pressure there to sell (now that we sold/are selling the only other two co-owned ones, a little less pressure) as well as pressure each year around tax time because we often have to file an extension (although I think it will be better when I can do the accounting for two fewer properties).
Current offer is 53K (somehow exactly what we put into it, no mortgage), so we would get $50,350 after the real estate agent (ie less than we put in). The portion going to my husband and I personally from the sale would be $20,593 – that would go straight to credit card debt at a 17% interest rate (long story, and I am sorry for being financially stupid).
We have made $11,694 net from rent on this property over last ~6 years (including depreciation) between all parties. So maybe 1,949 a year, which would mean $797/year going to my husband and I personally.
If we don't sell, I think we'll have to find a new management company. Maybe our real estate agent could help with that since we aren't there. Right now, this is just a jumble of numbers, but I'm hoping an outside perspective may help put us in line?
Thank you for your help!