I don't know the guy, but one property owner here is sitting on a lot of property he bought ages ago that he doesn't even bother to rent out. I think the reaso

I don't know the guy, but one property owner here is sitting on a lot of property he bought ages ago that he doesn't even bother to rent out. I think the reason is that the repairs any tenant would demand would be costly, and he paid next to nothing for the buildings. So, in his calculation, he makes enough from appreciation (assuming an eventual sale) that he has no need to rent it. Once you have enough capital, you no longer need to optimize at this level. He may be leaving money on the table, but he's wealthy enough that it doesn't matter. He can afford to be lazy and still turn a profit, while letting the community bear the negative consequences of his vacant eyesores until he inevitably sells them for dozens of times what he paid. Speculation is the real value in real estate. If you don't need money from renters to make your loan payments, why even bother with them?