Rental Market in Oak Park, MI information

4 Replies

My girlfriend and I are house hacking a duplex in Oak Park, MI. We have one unit ready for rent for the 1st of December and the city inspection is on the 8th of November. Unit details:

-1,500 Sqft Two Floors (200 of that is in an unfinished basement which is clean and includes washer and dryer)

-4 Large bedrooms (Duplexes have huge rooms compared to the older homes in the area)

-1 Full bath, 2 half baths. (New lowflow toilets in all, and all freshly glazed tile, new vinyl tile, frshly glazed tub.)

-New Flooring, new kitchen, stainless steel appliances, granite countertops.

-AC Condensor Unit will be added this spring coming up. Just kind of cold now.

Seeing as this is basically like a brand new high end home (might be a bit much for the area, but we did all the work ourselves and since we are gonna live here for at least a year or two, wanted it to look nice for us, and to attract a good quality tenant). My questions are for anyone with experience in this area and rentals in general in the metro detroit area:

-Is there somewhere else I can look for information on a fair rental price to get a good solid tenant? I have been using craigslist and zillow. I know there are some sites you can pay for the information, but is there a really good one you think is worth paying for? Should I just call a property management company and ask even if I plan on managing it myself? It was at $1100 before and needed a lot of work. We were hoping for $1400-$1500(mortgage payment for us is $1280), and they have to pass the usual 3x rent combined income, full credit and background check (we will use rentprep.com), employment verification, etc.

-Living here now, the city seems pretty safe with low crime. I would consider this a C neighborhood, is this a good assessment? The front and rear doors have have Security Bar doors, but I don't know if it's because of how the city used to be. The state police are nearby, as is a high school and nice park. Would putting up a security system be needed?

-Any other experiences, good or bad with renting in Oak Park?

Thanks!

-Diego

Yeah OP is about a C IMO. Just Use Rent O meter for free once and price towards the upper range of the spectrum if the unit is nice. 

I would use Rent Range.  Zillow uses a simplistic data feed from Rent Range.  I recall the basic Rent Range report is just a few bucks (read less than $10) and gives you lots of statistics about the range of rents in your area for your product type and categories of tenants (e.g. Section 8 is pulled out separately)

Good luck!

Thanks for the response guys! I'll probably pull a report of both and see which ends up being most accurate.

I think using those rent services to determine the amount to rent your duplex for is going to be tough in Oak Park as there are very few of them. I pulled comps for 1200 SF and updated homes for rent. The rent range is 1200-1500. But keep in mind, these are mostly single family houses. I did see a side by side duplex that just rented in June that was renovated in 2017 for $1350.

I can send you the comps if you want to see them. PM me.

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here