I just brought a 2-unit property on kallen ave, Schenectady, ny 12304. Its 3 bed room per unit so 6 bedroom in total. What will it rent for?
Rents we orginally rented for $1,100 per unit without ulities.
I checked on rentometer and it says that rents should be around $1,600 without ulities.
I also found 3 similar houses near by where they askimg for $1,400 without ulities. These are 2 bedroom per units not 3. According to zillow
My question is, what will my unit rent for? (Without ulities). Any one familiar with this south colonie, ny area?
This is my first investment and i can really use your guys expertise
One effective method is to use the MLS and look at units that have leased in that area. The issue with seeing what other people are listing properties at is that many times the actual leased price differs from the asking price. Another method is to link up with a local property manager and get their opinion. You can also try running a test ad for that area and seeing how many people are interested.
Rental Property Investor · The Vampire State · Member since 2013 · 2k+ posts · 2k+ votes
6y
I usually look on Zillow and CL and compare similar units with similar amenities. Only use the ads with pics as comps, then honestly assess how your unit compares to the competition. Then, put yourself at about the 45th percentile and market away. If you don't get a lot of leads after several days, adjust your price slightly downward. I've posted about my own process here.