Whats the right amount of rent?
Hello BP Nation, I recently purchased a 3B/1.5B townhouse for $176K in East Baltimore County, MD. My property manager and I set the rent at $1800. The median rent for the zipcode is $1500. There are very few rentals in the vicinity. A similar townhouse listing down the block is asking for $1500, and is newly renovated inside (hardwood floors and 2 full bathrooms)... mine looks straight out the the mid 80's. I'm concerned about not signing my first tenant this month, but also wanted to stick to the rent I evaluated for. Should I adjust my rental price or pay the mortgage myself until I get a tenant that obeys the 1% rule?