I just had an email from our rental agent who says

Hi John

I carried out an inspection at the property yesterday and I will report as follows:-

1. Kitchen – checked under sink – no leaks – no drippy taps
2. Oven and stove – clean and tidy
3. Dishwasher – clean and tidy
4. Kitchen – area clean and tidy
5. Hot water cylinder – no leaks
6. Laundry – checked under tub – no leaks no drippy taps
7. Heat pumps - filters clean
8. Hallway – clean and tidy
9. Lounge – clean and tidy
10. Toilet – keeping an eye on cistern – it sometimes keeps running over on the pipe at the rear of the house into the garden. Stops when flicked. Toilet clean and tidy.
11. Bathroom – needs a bit of attention – shower door plastic edge needs replaced – strip down side of door is loose at the bottom – could be glued in place
12. Bathroom paintwork – needs attention on three walls – the paint is peeling off – due to dampness and a lot of use.
13. Bedrooms all clean and tidy
14. Section – very tidy and under control lawn cut and weeded
15. Garage – clean and tidy.
16. The tenants fixed term comes to an end on 27th January and as you are probably aware rents have declined.
17. The tenant told me that number 6 is up for rent – very nice home three bedrooms for $430 per week – interesting. The house on the right of the driveway has a for sale sign on it by Harcourt’s.
18. All the tenants are not sure what they are doing next year, James who you met is staying and he is keen to hear what our rent prices are for next year.
19. There is only three tenants at the house now.
20. I will check the stats and send to you.
21. I am very sure that the current rent we are receiving will not be achievable
22. John it may be worth considering getting the painting tidied up at the end of the tenancy – or during January. I will get the painter to quote on the cracks etc.

Otherwise everything else is fine

Regards

Ah, the challenge of rental houses & if the rent drops by 70p.w then a rough approximation if  a 5% income measure then the  capital reduces by 70,000.

Do we sell?

Why do we keep it?

Asset allocation?

Costs?

Alternatives?

Yes sir.