Doubling
your gross income in less than a year-
think young
Oxford
Senior Citizens Face Eviction (includes news video)
WCPO.COM - 27 Dec 2002
...The Rachel Apartments are situated just two blocks from the
Miami University campus. The owners want to lift the "over 55"
restriction so they can rent to college students...
Over-55
apartment dwellers upset
Cincinnati Enquirer - 04 Jan 2003
...outside their doors Nov. 19, it said their rent was rising
50 percent, and the apartment building, once restricted to those
55 and over, was being opened up to Miami University students.
Rachel Apartments were built in 1977, tailored for seniors.
The building has garages for each apartment, an elevator, grab
bars for the showers and other amenities to aid its residents...
Update:
March 2003
Rachel
Apartments for rent, '03-'04 school year.
Advertisement
on the property managment web site reads:
2
West Spring
Deluxe 2 bedroom apartment
with fireplace, garage, secured
entrance. and laundry hook-up
Occupancy for 3
$15600
Total due per lease term
$ 300 Initial rent due at lease signing
$ 750 Deposit due at lease signing
$ 7500 Due per semester
(Due 8/1/03 and 12/1/03)
Gross
Income Change from Restricted to Free Market
Over 55 Restriction
(old)
One Year's Gross Income
8 units X $600/mo X
12 = $57,600
Free Market Approach (new)
One Year's Gross Income
