What is the best way to know if your house will get rented

7 Replies

I found a house. I can buy it for 42k i think its worth 70k - 50k. I can pur 20% down. But, i dont know if the house will get rented.. what should I do?

I would start by researching the local market for rentals. Pretend you are a prospective renter and need a place to live. Look for properties similar to the one you're thinking about buying. Once you narrow down the rental rate you can run the numbers. You better cash flow every month if you're putting 20% down. 

Check into it to see what you need to do to get it on the market.  If you are going to rent it, it will probably need some work at that price.  Check Trulia, Lovely, Zillow and the like to see what is renting in the area.  

Your best bet would be to call several property managers and get their opinions.  It's always best to rent quickly at a lower price than to let it sit vacant for several weeks.

@Account Closed - you don't know if the house will get rented OR you don't know what rent you can expect for the house? 

If the house has serious problems (foundation, mold, leaking roof, busted mechanicals, plumbing leaks, etc.) or is in the middle of nowhere or otherwise in particular location/market/situation, then you have to wonder if it will get rented. Check on Zillow to see if there are any other rentals nearby and of course, you'll have to rehab it to rentable condition.

To figure out what rent you can expect, look for similar houses on Zillow, HotPads, Craigslist, rentometer.com, RentRange.com, Trulia and check with local agents and brokers (some might even run you a Lease CMA). We try to get several data points, eliminate the lowest and highest, average the rest and count on something close but less than the average (to ensure it can be rented fast and with little vacancy).

Just get it on the market to see. There is no one can directly tell you whether your property is easy to rent or not. But you need some work on deciding the price.