Probably not helpful here, but will throw it in anyway. Back in my working days I became acquainted with a small building construction/ real estate owner outfit. Father & 2 sons operation. Beside doing construction, they owned a mix of residential, commercial, & farm land. Not a hard rule, but a starting point. This was in southern Mn, close to Paul, Flying Belgian, & Kow Farmer. The old man said rent income should be 1% of cost monthly. That would pay for the investment, real estate taxes, insurance, upkeep, & a reasonable profit. Eg: a $500,000 commercial building should bring $5,000 rent monthly. Single family residential they wanted 3/4 of 1%. Farm land was split rate. Tillable land brought 1/2 of 1%, while a building site brought 3/4 of 1%. Tillable land was taxed at a lower rate than building sites, & didn't have structures to insure. A 500 acre farm with 5 acres of buildings would be 495 acres at 1/2%, while the 5 acres with house, barns, sheds etc brought 3/4%. Being in the construction business, they had a close tab on their costs. Times have changed somewhat, interest rates are a lot lower now. Also farm land prices & building construction costs are higher now. Willie
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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