52. Two Buck Chuck

A rental property owner with 9 units presented his concerns at the City of Sharon’s Council Meeting on Wednesday, June 20, 2018. He shared that the first 4 months of rental income covered his cost of ownership for comprehensive structure insurance, real estate taxes, sewer fee and waste removal fees for the year. So, the assumption is that the other 8 months rental income represents net income.

From the Mercer County GIS website the purchase price for the properties totaled $111,200.00 or $12,350.00 per unit. Assuming a median rent cost of $600 in Sharon the annual gross rent would be $64,800.00. 8 months or .66 of the gross is $42, 768.00 — nice return.

This rental property owner was concerned about the $2.00 a month increase for the fire department rental inspection fee.

Undeterred, a unanimous vote for the inspection fee increase was made.

Two buck chuck was not pleased.