Investor · Dallas, TX · Member since 2013 · 619 posts · 128 votes
I have only been looking at properties with at least 2 bathrooms, that is at least 2 toilets, preferably 2 showers too. I have stayed away from 1 bathroom properties. Why? Well if the only bathroom in the property develops a problem, the tenants are correct in thinking it is an emergency (in my opinion). Since tenants notice problems when they are home, which is usually on weekends or in the evenings an emergency call to the plumber is going to attract "special after-hours" rates. It can get expensive quick to fix. If your property has a 2nd bathroom which is functional then the plumber can be scheduled during regular business hours. This has been my thinking but the competitive sellers market has me questioning if I should reconsider 1 bathroom properties...
What do you think BP? I'm especially interested in hearing from investors with 1 bathroom properties in areas where 2 bath properties are readily available. How hard is it to get your 1 bath rented, have you had expensive experiences like the one I mention above, etc???
Investor · Atlanta, GA · Member since 2013 · 922 posts · 336 votes
12y
in past times in my experience the best rentals for me were
3br/2ba houses from 1200 to 1600sqft.
There was less of a turnover especially with small families. 2br/1ba houses for me when i was in California were really apartment dwellers at heart. As I have grown my investing career it all depends on the demand for your product.
55yrs and older can function quite well in a 1br/1ba or even a 2ba/1ba. And at the same time, my experience with this age group was
- less wear and tear to property
- longer term (less turnover)
- cleaner property
- ontime rental payments
Ask yourself what group are you trying to appeal to?
hint: 55yrs and older on a fixed income? very attractive situation!
Investor · Atlanta, GA · Member since 2013 · 922 posts · 336 votes
12y
in past times in my experience the best rentals for me were
3br/2ba houses from 1200 to 1600sqft.
There was less of a turnover especially with small families. 2br/1ba houses for me when i was in California were really apartment dwellers at heart. As I have grown my investing career it all depends on the demand for your product.
55yrs and older can function quite well in a 1br/1ba or even a 2ba/1ba. And at the same time, my experience with this age group was
- less wear and tear to property
- longer term (less turnover)
- cleaner property
- ontime rental payments
Ask yourself what group are you trying to appeal to?
hint: 55yrs and older on a fixed income? very attractive situation!
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
12y
Two baths is better. We have a 3/1.5 that used to be a 3/1 even though it is combined with the laundary the half bath is looked at as a plus but many people do rent 3/1 in our area without issue. for a 4/1 it was a big issue and I had a lot that weren't interested. Rented that to a couple.
Apartments with 1 bedroom are no issue. I do advise a plunger. I learned my lesson when 1 of the workmen left a stopped up toilet in a rehab apartment for days.... You will find out plungers aren't at every store... In any case 1 know we lived in houses with 1 toilet and 9 people but today almost everyone want two toilets minimum and if there is more then one bedroom we try to accomadate. You might consider the added value of adding a bathroom if you are looking to purchase. However it depends on how hard the addition would be.
Miami, FL · Member since 2012 · 612 posts · 189 votes
12y
As a retired appraiser, I found the profitability ratio is 3:2. That is for every three bedrooms, you need two baths. Two bedroom rentals are typically only going to have one bathroom and that is generally acceptable.
Investor · Dallas, TX · Member since 2013 · 619 posts · 128 votes
12y
@Gerald Harris very interesting... do you market specifically to that group? how do you market to them? are you purchasing properties in areas that such groups typically rent?
Investor · Atlanta, GA · Member since 2013 · 922 posts · 336 votes
12y
Contact your local managment company. They will have renters left and right.
or you can use Craigslist but target everyone. You cannot discriminate
Those who have the age and qualifications you are seeking follow up with them.
I look at a 3br/2ba differently than most people.
Look at this scenerio:
you have an area where you buy a 3br/2ba house and you rent it out for $1400 per mo.
- or That same house you can rent it out for $1800 per mo.
You can buy a 4br/2ba house and rent it for $1600 per mo.
- or that same house your can rent for $2400 per mo.
Just rent rooms!
I had an investor teach me this and i was blow away. What he does is rent rooms to long term renters who make good money. They are single. Older in age and everyone gets along. The turnover is seldom and he is getter more of a return on his investment.
Just make sure you can get $600 per mo renting rooms. Even $550 you will profit
If you take this concept and try it with 1 of your properties you would be shocked. He calls it transitional housing. Its totally legal and legit. You just have to make sure of the number of people that are acceptable in that dwelling.
If you apply this you will look at larger properties differently
- Rent to professionals or retirees
- Very little wear and tear
- No Kids (I love kids) but you understand the wear to property.
You have to make sure everyone gets along and the personalities are not in conflict or you will have high turnover.
Raleigh, NC · Member since 2015 · 28 posts · 6 votes
11y
I'm a renter, but I'd say 2/1.5, or 3/2, 3/1.5 would be the best. Heck, it's just my husband and me, and we've discussed how much nicer it would be to have more than one bathroom, even just a half bath.
That and W/D connections seem to be the most helpful.