Expecting 1% of market price of the house as monthly rent.

[Jun Zao]

Is that the rule of thumb?

So for a 2-story house with a basement unit (combined for a total of 2 units) with a market value of $550,000 that also has 6 parking spots, 3 indoor and 3 outdoor I should be able to collect a total of $5,500 monthly rent? The house is in a good location in terms of crime and proximity to the downtown chicago area. It has a nice yard and outdoor patios for all units. It was renovated recently and features a rather artsy interior.

Also it was stated that the 2-story house can easily be converted into 2 separate units by adding a kitchen to the second floor. How much would it cost to do that? And if I do that, would I be able to get even more rent income by having 3-units instead of 2?