Realistic rental income?

[Lynn Fletcher]

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. 

Thank you. 

Lynn

[Deanna Barnhart]

Hi Lynn, 

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!