Check with your state, county and city tenant laws.
The Sands Hotel in Reno. I used to stay there really cheap. Price started going up as the quality of the place went down. Neighborhood was dead.
Someone came in new and refurbished the whole neighborhood tearing down a lot of cheap motels. Put $100k into each of the sands hotel rooms.The whole hotel looks very upscale now. I don’t see how it was a worthwhile investment unless Reno begins thriving again. With gambling available in Ca. there’s less reason to go there.
What does it have to do with rents in Alabama? Somebody knows how to let places go to hell and clean up cheap for a profit. Just look at all the homes Blackrock is buying up. A bank can build government housing and rent it out for 30 years and then take it back. Local governments will administer the ‘affordable’ housing. The tenants come and go while the bank bides it’s time for the 30 years. When the building reverts back to bank ownership and the homeless advocates howl they get compensated somehow.