I'm trying evaluate a 4-plex that I found on Zillow. It states that it has a great rental history but it doesn't give any info on rental amounts.
Is there a feature on Zillow or Trulia that allows me to check out rental comps in the area the property is in? Or is there a different/better way to find out rental info?
I'm trying to crunch some numbers but it's difficult without knowing the rent of each unit especially as I plan to be an owner occupant and renovate over the period of a year.
I'm obviously a newbie and this will be my first purchase/investment so thanks in advance.
rentometer.com and rentmetrics.com are both good, also craigslist (use the map feature)
Not asking is dumb - any questions on something you don't know are smart. Zillow has a feature that allows you just to look for rentals. It's on the advanced filter tab - you can select 'rentals' only.
There's also a really good tool called "HotPads". Go to their website and you can completely find house and apartment rental comps. It's even map based like Zillow.
Both Hotpads and Craigslist have been mentioned. I find it good to check both and place some phone calls asking about rents as if I was looking to rent from them. By comparing the two sites and the calls, you can get a feel for the real rent in the current market and learn what kind of concessions the comps are giving to get renters in. Concessions can disguise what your effective rents will be, so its good to know what and why they are being offered in the area.
Thanks everyone. That was some great and useful info. I especially like the map feature on craigslist @Jean Bolger !
Wow! Rentometer.com....Ive never seen that. Glad you guys posted this, now I have another tool to use...
The listing agent can get you the actual rent roll that is being paid on the property. Websites are great, but sometimes the owner is charging below market rent. This is good for you because you base the value on current rental income. Once you own it, you can slowly adjust the rents to meet market value and increase your net operating income.
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