New Landlord - Am I Priced Right for My Market? 01606

[Amanda Copeland]

I am a new multi family homeowner in Worcester - the Greendale Area. Young woman, bought this house on my own. I live on the first floor and hoping to rent out the 2nd floor. The renovations ended up being a lot more extensive than anticipated (electrical, plumbing, windows, carpets...etc.) I have an apartment coming online for Sept 1st, 2023 - The unit is a 2 bedroom (new carpet & new windows), 1 bathroom, hallway & living room are original hardwood floors to the home, eat in kitchen space with new refrigerator & over, In-Unit washer & dryer, 1 off street parking space (can provide 2 if needed), heat, water, and sewer are included in the rent. I am hoping to get $2500 per month for this unit. Looking to make sure I am priced correctly for the area. I haven't been able to find any other comps with heat & off street parking both included. I also can't find comps for these offerings for mid-term rentals or even short term rentals. My cash is running really low & I don't want to make the wrong decision. Looking for advise. Thank you in advance! Some people keep telling me to just sell and ditch the property considering the updates it still requires. I feel lost & looking for some guidance.

[Andrew Bosco]

Quote from @Amanda Copeland:

I am a new multi family homeowner in Worcester - the Greendale Area. Young woman, bought this house on my own. I live on the first floor and hoping to rent out the 2nd floor. The renovations ended up being a lot more extensive than anticipated (electrical, plumbing, windows, carpets...etc.) I have an apartment coming online for Sept 1st, 2023 - The unit is a 2 bedroom (new carpet & new windows), 1 bathroom, hallway & living room are original hardwood floors to the home, eat in kitchen space with new refrigerator & over, In-Unit washer & dryer, 1 off street parking space (can provide 2 if needed), heat, water, and sewer are included in the rent. I am hoping to get $2500 per month for this unit. Looking to make sure I am priced correctly for the area. I haven't been able to find any other comps with heat & off street parking both included. I also can't find comps for these offerings for mid-term rentals or even short term rentals. My cash is running really low & I don't want to make the wrong decision. Looking for advise. Thank you in advance! Some people keep telling me to just sell and ditch the property considering the updates it still requires. I feel lost & looking for some guidance.

 Hey @Amanda Copeland, here's some comparable data. You're priced right at that MTR line of acceptable MTR rent in my opinion. The set-up sounds pretty good for an MTR as well. LTR is more stable, but the rent needs to match it. 

Try calling ALE Solutions/sign your house up with them. ALE will furnish the place for you as well. 

Here's some data to checkout;