Current status summary

  • USPS has a lease through 2013 at $1331 per month
    • they pay all their utilities
    • I own and maintain furnace and water heater. New water heater summer 2009.
  • Four apartments:
    • 529A — needs carpet and painting. One bedroom with large kitchen. Utilities are included with this apartment.
    • 529B — Needs wooden floor refinished, bathroom needs renovating, new toilet, shower only. Utilities are included for this apartment.
    • 527A – smaller apartment. Reasonable condition. Rents for $450/mo.
    • 527B – new carpet and refrigerator Jun 2009. Rents for about $400/month.
  • Insurance is about $152/mo, tenants are SUPPOSED to have their own for property, theft etc.
  • Utilities are complex:
    • $80/mo for trash collection
    • $80/mo for water/sewer for all four.
    • 527A and 527B are on their own electric, costs about $9/month when they are empty.
    • 527A and 527B each have their own furnace, but I pay gas bill because they share a meter.  I would install a splitter but the gas company says they have to replumb to do that ($$$) so I have been thinking of a three-way split on that item (the apartments split 2/3 and I pay 1/3.  If an apartment is empty I split 50-50.  Would have to lower rent then, and the tenants I get typically don’t have the acuity to deal with complex leases.
    • 529A and 529B have steam heat with a shared boiler. I pay the gas there too.
    • There are two gas water heaters for the four apartments and there is one gas water heater for the USPS.
  • Apartment status:
    • 529A is damaged (door, floor) and needs some money and time to refurbish.  My manager who lives there will tolerate a lot in the spirit of cooperating with the landlord and keeping her sweet position as manager with a deduction on her apartment.
    • 529B is vacant as of 1 July 2010 but will need major refurbishing
    • 527A is rented through the end of the year. Tenants are pretty reasonable about paying on time.
    • 527B is rented on a week-by-week basis but while tenant has been good about paying, he has also damaged the new carpet and dented the new refrigerator. His damage deposit won’t cover costs.
    • Garage is used by manager, but could be rented as a storage site if one had the time to manage it.
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