How much does lack of eating space deduct from ARV?
I'm looking at a nice 1,200 sqft 3-Bdrm SFH in the Scott park area; decent street, newly-renovated, walking distance to the university. However, it doesn't have a DR. It essentially has just a decent-sized "working" kitchen; room for plenty of counter space and cabinets, plus stove and refrigerator, but not a kitchen table and chairs. The owner grew up in the house and says they ate at a small 4-person table in the K. (They either didn't have much cabinet/counter space, or they had to get up from the table every time somebody walked to the refrigerator or sink.) Even a small bistro table would be a tight squeeze with full lower cabinets and counters. Obviously, its not ideal. But, I think it can be resolved using bar stools and few lower cabinets. The question is, how much would you deduct from the ARV for lack of eating space (i.e., no DR or sufficiently large eat-in K)? I don't see an option on any of the real estate web sites where I can deselect "DR" as a Search option to get similar comps, as you can with Bdr and Bath.
Thanks for your input! :-)
Quote from @John Teachout:
Not sure how you would incorporate this into the ARV but interestingly, we were doing an inspection on one of our rentals today 3/1.5 and they had configured the kitchen in such a way there was no eating space. My wife and I discussed it and apparently they eat their meals on the sofas in the living room. I thought it was strange. They had a chest freezer in the space where previously a table was. We eat in the livingroom often but we don't have younger children here anymore.
Yes, I assumed that's what they would do in this instance as well, @John Teachout. But, I plan for this to be a partially-furnished student rental. And, I sure don't want to encourage them to eat in the LR and ruin the hardwood floors and furniture; hence, the bar stools under the K counter design idea. Thanks for your input!
But, I plan for this to be a partially-furnished student rental. And, I sure don't want to encourage them to eat in the LR and ruin the hardwood floors and furniture; hence, the bar stools under the K counter design idea. Thanks for your input!When I was in college and had roommates, we never came home and had a nice dinner around the dinner table together. Everybody eats when they want to, in their room, on the couch watching TV, etc. And if we had a party it definitely wasn’t around a dinner table. I don’t think creating a DR would encourage the students to eat only in the “designated area” (or discourage from eating somewhere else)
Quote from @Sergey A. Petrov:
But, I plan for this to be a partially-furnished student rental. And, I sure don't want to encourage them to eat in the LR and ruin the hardwood floors and furniture; hence, the bar stools under the K counter design idea. Thanks for your input!When I was in college and had roommates, we never came home and had a nice dinner around the dinner table together. Everybody eats when they want to, in their room, on the couch watching TV, etc. And if we had a party it definitely wasn’t around a dinner table. I don’t think creating a DR would encourage the students to eat only in the “designated area” (or discourage from eating somewhere else)
Good point, @Sergey A. Petrov! I just don't want to give them more of an excuse to eat wherever every day, based on a lack of designated eating space, should they want to keep a neat house and eat in the kitchen/DR. I also plan to provide a 6" folding table (stored in the basement) for them to use for dinner parties, along with their other furnished furniture.
Quote from @Robert Walden:
I'm looking at a nice 1,200 sqft 3-Bdrm SFH in the Scott park area; decent street, newly-renovated, walking distance to the university. However, it doesn't have a DR. It essentially has just a decent-sized "working" kitchen; room for plenty of counter space and cabinets, plus stove and refrigerator, but not a kitchen table and chairs. The owner grew up in the house and says they ate at a small 4-person table in the K. (They either didn't have much cabinet/counter space, or they had to get up from the table every time somebody walked to the refrigerator or sink.) Even a small bistro table would be a tight squeeze with full lower cabinets and counters. Obviously, its not ideal. But, I think it can be resolved using bar stools and few lower cabinets. The question is, how much would you deduct from the ARV for lack of eating space (i.e., no DR or sufficiently large eat-in K)? I don't see an option on any of the real estate web sites where I can deselect "DR" as a Search option to get similar comps, as you can with Bdr and Bath.
Thanks for your input! :-)
Check out some videos on micro apartments in large cities and tiny home construction, maybe you could get some ideas. The first thing that came to my mind (if possible) is building a pull out shelf/table with the cabinets or something that folds out of the wall.
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Almost all of our houses have proper dining rooms. Most of the time, when I go into the homes for some reason - inspection, repair, whatever - they are either using the dining room as some other function - office, playroom, one guy had his pool table there - or there's a table so stacked with junk that no one could eat there anyway.
Also, for what it's worth, I've *never* had a tenant or prospective tenant ask me "where do I put the dining room table?" Younger people eat on the sofa, or at a kitchen counter or similar. Sometimes they'll get a small table for the kitchen. So I wouldn't spend a lot of time worrying about it either way.
