How do those of you looking at a potential buy/hold property determine what your average rental income will be. I know some sites give you an estimate on expected rent, but I've noticed those are pretty hit or miss. Just curious as to how you all are doing it.
I've been told http://www.padmapper.com/ works well. Give it a look!
- Rentometer is a good place to look.
- Real-time Craigs List ads will give you a real pulse on what is going on that market as well.
- You can always contact a local property manager. They "might" be generous in their estimation to try and earn your business (regardless if this is right or not).
- You can also network with other investors here on BP that invest in that particular area and get some opinions as well.
Check zillow. Go to a city and select 'rentals' and you can see what's available.
Rentometer seems pretty good, but if it says 'historical rent data' I never know how far back that value goes.
Also check Zilpy.com (disclaimer, it's my company, but the thread is asking for this info)
Just ask neighbors what they are paying for rent, you could possibly find a new tenant that way if landlord is just collecting checks and not doing repairs. You also have appraiser to a rent appraisal on the houses in the area, though some of this information can be available online or on your county's website.
I watch zillow in my areas and see what thinks are renting for! I do not rely website because in my area they underestimate rent by $500-600. So...
You can't beat the old fashioned comp comparison to determine the potential rent for your property.
You can pull up current rentals in the area on websites like Zillow, Craigslist, and MLS. Find those that are most similar to your property in the immediate area and go from there.
Thanks for the suggestions. I'll give them all a shot and report back what I found most useful.
Just curious, what did you find the most useful when determining the rent for an area?
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