Hello all- I'm under contract to purchase a SFR investment property in the Northwind subdivision (Vickars/ Montarbor). It's a 3 bed 2.5 bath, 1500 sq ft finished (+ 450 unfinished basement for total of 1950 sq ft)) built 1997 with some upgrades. Would this property rent for $1800/ month? My realtor tells me this is no problem but it seems overly optimistic to me. I'm not finding much rental data on that size property in that area. I could also add a bedroom to the basement to make it a 4 bedroom -is $1900 realistic in this case?
I would be so grateful for your insights.
I have no idea about your area. Good resources to check on rental rates though are Zillow Rental Zestimate (use only as a data point, verify elsewhere. I typically find Rental Zestimates to be high in my area). Check rents on rentometer.com. Call a couple property managers in your area and ask what they think it would rent for.
Finally consider that while your agent is probably a good and honest person they are incentivized to give you the high estimate and not necessarily the most realistic estimate. As them for rental comps, agents in my area can pull rental comps from the MLS where you can see similar homes, what they rented for and how long they sat on market before being rented.
I believe you were speaking to my boss, @Colin Smith this morning about Property Management. I'd like to offer my opinion on the rental income potential for this property. In looking at the current available rental properties, I would estimate your 3 bedroom, 2.5 bath (1500 sq ft finished) at an average list price closer to the $1600-$1650/mo mark. I have a 4 bedroom 2400 sq ft home currently renting in the area for $1800/mo. Give us a call with any additional questions we can help you with! Thanks!
Thank you so much Deanna! I appreciate it!
You are very welcome! Please feel free to reach out anytime!
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