Rental Property Investor · Phoenix, AZ · Member since 2015 · 224 posts · 50 votes
Just purchased a 4-plex multifamily in Phoenix in what is probably a C area. 2 units are vacant and do not have washer/dryer's but they do have the hookups and a closet for stacked wather/dryer's. One unit is a single bedroom and the other one is a 3 bedroom. Would the washer/dryer had a lot of value to these units? Each stacked unit new is just over $1,000.
Specialist · Lakewood, CO · Member since 2014 · 1k+ posts · 1k+ votes
10y
Amen @John Duffy! If you are in a C neighborhood and thinking of brand new washer/dryers then stay out of house flipping or you'll have the nicest house lose you all your money! ;)
Seriously though, I am in a C neighborhood and I provide washer/dryers. I charge higher than normal rent because of it. If you have a common area, then coin op is a possibility as well, but I would probably just use normal units and charge higher rent. If it is in-unit, how many C-class tenants will come with their own washer/dryer to fit that space?
When I show my units, the in-unit machines are one of the highlights for the tenant and a reason I can charge above market. I'd put it in there to help attract the higher quality tenants, but put in used!
1. In the area of your 4-plex do other similar rentals have washer/dryer? If they do then you should have it. But if majority don't, you can try to get some used ones off Craiglist for real cheap and install them.
2. Do they add value? Any renter loves to wash their own cloths at the comfort of their home, versus going to laundromat. However the "value" would be based on answering the question above. If your competition has it and you don't, then it will devalue. However if no-ones has this option, and the closes laundromat is driving distance than it would add value.
Investor · Coeur d'Alene, ID · Member since 2016 · 551 posts · 218 votes
10y
Something to think about with a multifam, is if there is a common area or room, to add coin op laundry units for added income. Again I would look at comps in the area to see what would be a better way to go.
Real Estate Agent · Philadelphia, PA · Member since 2015 · 59 posts · 10 votes
10y
Hey Ryan Moore one tactic I seen was the landlord would leave empty and then see how long he was vacant for. If rental in that area is in demand then there really wouldn't be a reason for them to put in a wash dry.
But in the event he had vacancy for more than a comfortable amount of time, he would then make the decision to either lower the rent price or maybe install a washer dryer depending on which route makes most sense at the given time
Lol u got 3 michael's responding to that question just noticed
Rental Property Investor · Mineola, NY · Member since 2014 · 838 posts · 212 votes
10y
@Ryan Moore First question I would ask is what do the comps have, second question are tenants responsible for paying their own water, if you can answer those questions I think you will have you answer.
Washer/Dryer is an easy addition and brings in a higher rent most of the time.
Surprise, AZ · Member since 2016 · 58 posts · 20 votes
10y
@Ryan Moore, in addition to the great advice already given, IF you do move forward and buy the two units, do not purchase brand new units for a rental! Go on CL and you can likely buy Two stack units for $1000. "A" areas get the new good stuff, "C" areas get the 'good used stuff'! Best to you.
Specialist · Lakewood, CO · Member since 2014 · 1k+ posts · 1k+ votes
10y
Amen @John Duffy! If you are in a C neighborhood and thinking of brand new washer/dryers then stay out of house flipping or you'll have the nicest house lose you all your money! ;)
Seriously though, I am in a C neighborhood and I provide washer/dryers. I charge higher than normal rent because of it. If you have a common area, then coin op is a possibility as well, but I would probably just use normal units and charge higher rent. If it is in-unit, how many C-class tenants will come with their own washer/dryer to fit that space?
When I show my units, the in-unit machines are one of the highlights for the tenant and a reason I can charge above market. I'd put it in there to help attract the higher quality tenants, but put in used!
Rental Property Investor · Phoenix, AZ · Member since 2015 · 224 posts · 50 votes
10y
Thanks everyone for the input. I reviewed some comps in the same complex and almost all of them seem to not have the W/D included. I go back and forth between wondering if I should just get some on craigslist and put them in there or wait and see how it goes without them. I have some unexpected rehab cost on the two units so any free money is really needed for that. This is my first property so it's a whole new world for me.
Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
10y
Do not provide washer/dryer - - the hookups are sufficient. If you provide, then you get the maintenance calls. I have this configuration and it's good enough.
Investor · Phoenix, AZ · Member since 2014 · 51 posts · 14 votes
10y
@Ryan Moore where is this four plex? Iam going to look at one today and I couldn't tell from the post online if they have WD so I will be looking into this as well.
Do not provide washer/dryer - - the hookups are sufficient. If you provide, then you get the maintenance calls. I have this configuration and it's good enough.
That's definitely a good point. One less thing to be concerned with.
@Ryan Moore where is this four plex? Iam going to look at one today and I couldn't tell from the post online if they have WD so I will be looking into this as well.
It's in North Central Phoenix. Usually you look at the listing to see if it says just hookups (which means no W/D). If they don't specifically mention that it's included, I would be doubtful that's it does include it.
Real Estate Broker · Rock Springs, WY · Member since 2015 · 57 posts · 43 votes
10y
I do not provide washer/dryers in my single family homes because it's just one more thing you are expected to maintain. I just purchased a two unit property and one of the tenants is great, never complains, we inherited him when we bought the property. New tenant is constantly asking for the stupidest stuff. He also feels the washer "is not cleaning his pants as well as he'd like" so he'd like us to replace it. Keep it simple, the less you provide, the less you are responsible for.
Property Manager · Allen, TX · Member since 2015 · 190 posts · 160 votes
10y
You may want to think about putting in the listing that they are available upon request (for a fee of course). I've found a surprising number of tenants already have their own. Nothing worse than paying to put them in and then having to store them because a tenant has their own.
Property Manager · Allen, TX · Member since 2015 · 190 posts · 160 votes
10y
To Emily Lopez point about washer and dryer just being one more thing to maintain. The lease I use has an area to list appliances you are unwilling to repair or replace. I typically put all the appliances I provide in this area. That may be worth looking into.
Real Estate Investor · Olathe, KS · Member since 2015 · 100 posts · 26 votes
10y
@Ryan Moore I had the same question when I bought my first property. I tended to lean towards providing the units, but was advised by many that the hookups are sufficient. We're in the rental business not the appliance business. Good luck.
Rental Property Investor · Bronx, NY · Member since 2008 · 144 posts · 64 votes
10y
While we are on this topic I have a two family in the Bronx NY and I have a basement and I'm thinking about putting a washer and dryer in the basement of course the tenants would have to pay for using. Has anyone done this with a two family and would the cost out way the income from it.
. He also feels the washer "is not cleaning his pants as well as he'd like" so he'd like us to replace it. Keep it simple, the less you provide, the less you are responsible for.
Real Estate Investor · Seminole, FL · Member since 2015 · 11 posts · 17 votes
10y
I always think of it in the sense of, will it make a profit. Majority of the units I own are individually metered for both power and water. I have a great used appliance guy in my area that will sell me a matching older (yet still good looking) set for $300 with a 6 month warranty. Most units will fetch an additional $50 a month for the washer and dryer when I include them. So I will always break even on my investment of $300 and as long as the units dont break right out of warranty, I profit an additional $50 per month. For units I pay water on, I do not provide washer and dryers, they typically do not have hook-ups and if they do, the tenant gets a water allowance and if they go over on it they are charged the additional amount.
Just purchased a 4-plex multifamily in Phoenix in what is probably a C area. 2 units are vacant and do not have washer/dryer's but they do have the hookups and a closet for stacked wather/dryer's. One unit is a single bedroom and the other one is a 3 bedroom. Would the washer/dryer had a lot of value to these units? Each stacked unit new is just over $1,000.
Ryan what did you end up doing?
I am now asking myself what should I do with the quad I am under contract for. The entire market I am in does not include w/d. However, the apartment complexes that include w/d have a serious competitive edge. Asking $100 - $150 more per month with similar sq. ft, finishes, etc. I view w/d as a relatively small expense because it would add rental income and decrease vacancy. But I am new to REI and I am probably underestimating how destructive tenants can be. Maybe individuals who bring their own units are likely to stay longer....
Investor · United States · Member since 2015 · 415 posts · 487 votes
7y
The neighborhoods I invest in primarily have millennials and young professionals as renters, and having washer/dryer already hooked up and ready to go is a huge plus for them. Many of them filter their rental search for it. All depends on who you are trying to cater to. My experience is that many of the best quality tenants will pass on your place if it doesn't have them.
Laveen, AZ · Member since 2016 · 584 posts · 528 votes
5y
@Emily Lopez whatever became of the tenant who's pants were too dirty or the average washer machine? Did you decline to renew his lease and send him packing, or renew it and give him a courtesy bottle of Shout stain remover?