High End SFH Rentals
I closed on a vacant foreclosure - a nice house, 2200+ sq ft, 4 bedroom, deck, etc. Nice house, nice neighborhood. Cost is $65k, hoping about $35k in rehab (roof, flooring, etc), ARV $180k-$200k. Zillow said $255k, which is possible, but I'm not banking on it. I think I got a steal (fingers crossed). I'm thinking buy & hold (flip is "Plan B")
Buy & Hold is intriguing... Rentometer says I can rent for $2250. Zillow says $1950. My gut tells me to aim for $2100 - which is alot of money! Especially in this neck of the woods! Median gross rent is $993 for an apartment. But this will be really nice.
What experience have you had in renting out "high end" SFR? What is the profile of a "high end renter"? What kind of job? Income? etc. WHY are they renting? What do they look for in a place?