Having trouble determining rent!

2 Replies

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)

Property details:

Bedrooms: 4 (one is small and probably more useful as an office)

Baths: 3 full

Lot Sq. Ft: 1,951

Built: 1967

Cooling: Central

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.

I have found rentometer to be real time accurate. You see the mapped addresses and the rent amounts on actual rental properties.

thanks, 

Matt

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