This all depends...Rent Control can be good and bad! If you are looking at a building with long term tenants, for instance in Santa Monica, where the tenant may have been in a condo unit when it underwent a Torca conversion, and the tenant may be paying a very low rent and there is no way to get them out except for non payment of rent, then NO. The rents collected will not justify and cover the expenses. In the City of Los Angeles, you may find an income property that is vacant and you can charge market rents. Or you may find that all of the units are occupied, some with long term tenants, some with new...which ever you find, you must do the math and make sure that the expenses of the property are being paid for by the rent income.
Expenses include the monthly mortgage, insurance, utilities, property taxes, maintenance, gardner, management fees, and anything other expenses you can think of.
Just remember, in any investment property, that you have to calculate into your equation, the vacancy factor...and in the event that you do have to evict someone from one of the units, will you have the carryover to pay for and maintain the property during this period of time?
A non rent control property has not limits of what you may charge for rent. Rent control properties are limited to how much you can raise the rent and in some cities, they determine what you can charge and the yearly increases.
You also must be up on the rent control laws...the more you know...the better you are able to play the game!
All the best,
Kat Becker, Agent
Prudential California Realty