Seeking comments on possible improvements for this property.

[Chris B.]

I'd appreciate the BP group's feedback on what I can do to increase monthly rent value or at least increase applicant interest in this SFH LTR property. Current tenant's lease ends at the end of June and I'll need to clean this one up before ready for re-rent. It is located on the outskirts of Tucson. Rents are in the $2k range plus or minus a few hundred and there are outliers. Having looked over Zillow for a while now, trends I'm seeing in this area that a $100 or $200 increase in rent can reduce Zillow applicant "contacts" drastically. For example, similar homes listed for $2200 might have 5 contacts after 10 days while a price of $2095 might have 12 contacts and a price of $1995 might have 40 contacts in the same period. Like all of us, I'm seeking tenants who will pay on time, respect the property, and hopefully stay for a long time. Last round, I had difficulty finding quality tenants for this unit. The HOA has let us down a bit with regard to too many cars on the streets of which a few that looked abandoned. I can work with them on this issue. That's out of scope for the moment as I'm looking for things I can personally do. I'm considering offering it at under the $2k threshold to get me more applicant options but naturally want to maximize the potential. Why not ask the community here for advice? I need fresh sets of eyes on this.

Before we get going, this round I'll hire a professional photographer to help me get better pictures.  I'll also likely be replacing the carpet on the stairs and second floor because its time.  I'm going to stick with carpet for the moment due to budget buy vinyl is not out of scope in the future.  Third, the back yard is completely gravel with no patio and the back yard is West facing. (bottom right picture)  It gets HOT back there in the evenings.  I realize a patio will make the property more appealing but I don't see the cost / benefit ratio paying off in this location.  I've started to consider a cement slab and shade sails, but those get torched within a few years here.  The front yard which is east facing does have a nice area that is covered and past tenants have set up chairs to relax here.  Maybe I can change things up inside.  The kitchen is somewhat small.  I don't think I can make it larger without significant expense. There is plenty of storage throughout the home.  Any remodeling or other tips are appreciated.  I'm handy and can do many modifications myself.  Key is for any expense to cover itself through increased value/rent.  Thanks!

[Greg M.]

More applicants does not necessarily equal better applicants. You also didn't mention the timeframe to rent. Is there a difference in time on market at each price point and if so, does the higher rent offset the longer vacancy?

I think you are making a mistake by replacing the carpet. I understand vinyl is more expensive, but why waste money on carpet that isn't going to last long, needs to be cleaned in between tenants, and you will replace eventually? You're wasting money. Bite the bullet and figure out a way to pay for the vinyl. Consider getting it from Home Depot or Lowes where they frequently let you pay for purchases over a year. 

I don't know the area, so it's hard to say whether your place should be at the lower or higher end of the rental rates. However, black appliances don't say high end. If aiming for high end, I'd swap them for stainless steel and have water/ice in the fridge door. 

If the backyard gets HOT, then why not install a pergola? Under it you can have pavers instead of gravel so a table and chairs can be set up. You can set up a misting system around it. Turns the area from unusable to a place people can envision themselves using.