Help with rental/value price
First off, I am new to the forum but have learned so much.
Some info:
I will be buying a short sale for $110,000 in need of renovation (estimate around $70k updating everything including electrical/plumbing) that is in a very sought after neighborhood. However, the neighborhood has so much different types of homes that it is hard to pinpoint comps. The closest I have seen is in the $180,000 range (taken into account # of beds/bath and year), but the house I am looking into is 400 sq ft bigger, the yard is bigger, and it has privacy fence and bushes. The realtor is also having trouble trying to pinpoint potential rental and value due to the fact that $180,000 has 3 bed rooms, but if we try to match the sq footage with other homes, its at $220,000 with 4 bedrooms (the house I am looking at is 3 bed).
On top of that, there are currently no rental available in the neighborhood (very low turnover rate) with the exception of the newer houses but smaller sq footage which are going for $1 per sq ft. All the other homes that is the same year +/- 5 years and sq ft are not popping up for rent for the past 3 months.
With this type of mix neighborhood, how would you price the value and rental property?
oh forgot, the house I am looking at is built in 1970s while the newer homes with high turn over rate are built in the 2000s. It's a buyers market here still so closing cost is paid by seller and houses are typically in the market for over 60 days if that helps any. I trust my realtor, but curious on the thought process and what ya'll would price this home at.
Thanks!