here’s another thing to consider, this has a lot to do with a landlord’s profit on a building - how long ago did he buy the property?
profit is income minus expenses, of course. Income(rent) only goes up over time. Some expenses increase, too, such as taxes & any utilities he covers. But a landlords biggest expense is often his mortgage, which generally stays the same, or can go down if he refinances. Hence, properties held by a landlord tend to become more profitable over time. Tip - if you’re looking for cheap rent, don’t rent from someone who just bought their property - they’re probly too maxed out to cut you a deal. Also, some landlords spend money on improving a place when they first buy it, further hurting their cashflow early in the ownership cycle.
if i buy a rental property today, I’m looking to maybe break even on it for a few years, but further down the line, I hope it to return a yearly profit.
and as far as your landlord’s car & pants - a lot of people hold real estate as a sideline & have other business ventures or regular jobs. So he may get his money from somewhere besides landlording.
i second the suggestion to find out what the property cost & when it was purchased.