From a financial standpoint, it makes sense for the long term, if not the short. $200 positive cash flow isn't a lot, and may not keep up with repair expenses, but if you are in a financial position to supplement it when needed, you'll be OK. Of course, the beauty of the deal is you are getting it dirt cheap (probably considerably less than cost of construction), and will make $$$ when it goes up in value (and I said when, not if- we've been through many of these cycles before, and things always recover). This highly publicized "recession" we are supposed to be in is in real danger of not even getting off the ground- April housing starts went up at the higest rate in years. The doomsayers in the media are doing their best doomsaying, but it may not be enough (although the fuel price thing sure does throw a crimp in things).
Now, all that being said, renting to an employee has many downsides, as has been pointed out by others. You need to do a good analysis of this guy's character- how is he going to react to future misfortune? Also, how did he keep up his previous house?
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Today's Featured Article - Show Coverage: Journey to Ankeny - by Cindy Ladage. We left Illinois on the first day of July and headed north and west for Ankeny, Iowa. Minus two kids, we traveled light with only the youngest in tow. As long as a pool was at the end of our destination she was easy to please unlike the other two who have a multitude of requirements to travel with mom and dad. Amana Colonies served as a respite where we ate a family style lunch that sustained us with more food than could reasonably fit into our ample physiques. The show at Ankeny
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