Investor · Atlanta · Member since 2019 · 576 posts · 96 votes
Hi,
What is idea square feet of building and land, bed bath mix for purchasing rental property for long term tenants and better cash flow and less turn over costs due to revolving tenants. Please advise
Hi GP, great question. For long-term rentals, it will depends on tenants, location & more, but just as an standard most investors look for: • 3 bed / 2 bath best tenant stability and lowest turnover.• 1,000–1,600 sq ft cost-effective to maintain and easy to rent.• Standard lot (5k–10k sq ft) enough space without extra upkeep. • Good layout often more important than total square footage.
What is idea square feet of building and land, bed bath mix for purchasing rental property for long term tenants and better cash flow and less turn over costs due to revolving tenants. Please advise
@Gp G. Depends on the type of prospective tenant(s).
Depends on tenants, location & more. You want to get a healthy mix of unit mix. If you're saturated with one unit type and it moves slow could be hard to get out.
Look at your current market area and see how many 2, 3 bedrooms or 4 bed+ are available. What are the rents in the neighborhood you own, are are you thinking about? Generally, more bedrooms are better. But there there are other factors such as access to shops, restaurants, transportation (freeways, trains), job centers, school districts, access to outdoor spaces and walkability. Also consider the layout of the home. A well laid out 3-bedroom with a view could rent for more than a small 4-bedroom. Finally, consider the demographic you're renting to, is it near a college, financial center, golf course, downtown bars, etc.
Hi GP, great question. For long-term rentals, it will depends on tenants, location & more, but just as an standard most investors look for: • 3 bed / 2 bath best tenant stability and lowest turnover.• 1,000–1,600 sq ft cost-effective to maintain and easy to rent.• Standard lot (5k–10k sq ft) enough space without extra upkeep. • Good layout often more important than total square footage.