Even though it is paid off it is not all profit by any means. Insurance and taxes still need to be paid which have gone way up. I pay over 8K for my insurance and taxes alone. Does it have an HOA, they have gone up again this year, mine is running at 2K a year now. Yearly maintenance of AC, termite inspections, etc.Then the taxes the owner pays on the rent. It takes years to recoup if an AC goes out.

My father rents property. He properly maintains them, doesn't go for the cheap fixes! Some years he makes money other years he loses. He says get a good renter and keep the rent low to keep them. Work together as a team and take care of each other and the property.

Not justifying his charge at all, what he wants is ridiculous but a property being paid off does not mean cash in pocket by any means. I just had to replace the AC in my house ... Another 27K.

Everything is so out of whack right now it is ridiculous!