I own a town house in Mesa, AZ that I remodeled. My wife and I have been living in it for the past few years. We bought it with the intention of one day renting it out (we are new to land lording). It is technically a 4BR/3Bath but one of the bedrooms is on the small size and is more like an office. It would work great as a kids BR though. Anyway, I have been doing some research online in my area to get an idea for how much I could get for rent and I am having a hard time determining a fair price. Anyone have any advice on how I could get a fairly accurate estimate?
Comparable rents found online ranged from: $950-$2250 (couldn't find comps with 4BR though; all were 3/3)
Bedrooms: 4 (one is small and probably more useful as an office)
Baths: 3 full
Lot Sq. Ft: 1,951
Heating: Forced Air
Mortgage Payment: $277/month
HOA: $219/month (high I know) -Covers water, Roof/Exterior wall insurance, landscaping
Parking: 2 covered car port
Features: Basketball/tennis court, pool, patio, separate storage closet
Any advice would be greatly appreciated!
With that large of a range, many of those properties can't possible be comps. Narrow down the size, beds, baths and distance from your property to find a set of good comps. We have a page on determining fair market rents.
Jon Holdman, Flying Phoenix LLC
I have found rentometer to be real time accurate. You see the mapped addresses and the rent amounts on actual rental properties.
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