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 - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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