Rental Property Comps
My first and only rental property in East English Village has been underperforming since I acquired the property in 2019. I believe it can do well if renovated to attract higher quality tenants and rent at the market rate instead of below market as it is now. The challenge I'm having is determining the renovation budget against the expected increase in rent. I've asked for feedback from my property manager (response wasn't very helpful) and have looked at comparable rentals on Zillow/Trulia/etc. and rentometer but I would like more confidence in the numbers before hiring a contractor. Does anyone have suggestions on other ways to determine if the planned renovations will increase the rent to the needed level? Are there other resources I may not be aware of or consultants for this? Thanks.