Does anyone use any specific websites or programs to determine what rental rates might be in a certain area? For example, I see a 4 bedroom house and I want to figure out what I can rent that out for, which is crucial in my analysis before buying the home. Generally I use zillow, realtor.com, trulia to get a feel for it, and I also try to look for purchases only in my area where I'm familiar with prices and what is normal to charge. Sometimes I see prices that seem super low to me, but I'm also not an expert in the area so it's tough to say. Does anyone have any tricks or anything that they use to figure it out?
The way I estimate rent is to search around the target property for similar properties for rent on Hotpads.com or Craigslist. Zillow or Trulia works too, but seems to have fewer in my area. I only use actual properties for rent, not estimates.
I use rentometer.com
@Chris Sellers Thanks for the help Chris! I agree the best way is to gauge the surrounding area for similar properties. Zillow has rent estimates and I find them to be rarely accurate. I think their formula is based on the size of the property and amount of bedrooms, but doesn't take into account the quality of the unit or even the area it's located in from what I can tell.
This is one of the reasons I feel that buying properties in your own market gives you an edge because you understand the pricing in the area.