Help determining rent.

[Ally Lewis]

I own a newly remodeled 3 bed 1 bath sfh in Saltville, VA. This area is in rural SW VA. There are no comps for me to determine a fair rent. I think the home would sell for between 90 and 100k. I would like to charge 800 a month but am not sure if this is possible? I have invested a lot of time and money updating it. I bought in that location because of the lack of nice sfh and hope my gamble will pay off. Any advice is greatly appreciated!

[Jon Kelly]

@Ally Lewis Why did you buy it without knowing at least a ballpark rent amount? 

In a situation like this the best you can do is: (1) see what else is on the market within 5-15 mile radius or contact local apartment buildings like you did, (2) call agents to get their opinion, (3) call property managers to get their opinion, or (4) reach out to any real estate investors you know in the area. 

I would list it on the high end of whatever you believe the possible rent range is. If you think it can rent for $750-850, I would list for $850-900 and see what type of response(s) you get. I'd wait ~2 weeks before dropping it by $50 increments.