2 Bedroom Rents in Franklinton ?

Question

If anyone owns a 2 bedroom unit in Franklinton I'd appreciate a little feedback please.

The main question I'm trying to answer is can I pencil in a minimum of $900 in rent for an updated 2 bed in Franklinton if I purchase there? Or should I expect something closer to $800 or $850? I need at least $900 to make this deal work which I think should be the case, but was curious to hear about actual rents from those of you that own here.

Thanks in advance for the help!

William Alonso · Answer

I hear you Raul I appreciate the feedback.  I've thought about that as well and I've underwritten it several different ways but to make this a deal I move on the $900 is important.  I'm not losing anything if I get $800, but I'd have to pull back my construction budget some which I'd prefer not to do.

Thanks!

Allen Tracy · Answer

I was under contract there on a duplex that had 2bd per side. Rentometer said I could get $850-950 for each 2bd but my property manager said even with a rehab he didn’t think I could get any more than $750 and that was on the high end.

Raul Velazquez Jr · Answer

If the numbers are that tight I'd give it a second thought. What if the rental market take a hit and you're forced to take less for rent? Just something to think about.  Good luck on your journey.

Kyle Tom · Answer

I'm getting $700/unit for a 2 bed 1 bath duplex. Tenants pay all utilities, except for water which is around $50/unit/month.

Allen Tracy · Answer

Yeah, I would maybe reach out to a couple of property management companies, tell them you're interested in purchasing the property, give them the address or even just the street, and ask what they think they could get for rent.

William Alonso · Answer

Thanks Allen that's the same type of issue I'm running into.  I know what Rentometer and Zillow show, but I haven't actually talked to anyone who owns there that is getting those rents.  My assumption is it can be done.  I know it is in many parts of the city and there seems to be few neighborhoods where $900 is not doable, but again until I can speak with someone who let's me know they're getting it consistently I'm not 100% certain that's the number here.

Thanks!

2 Bedroom Rents in Franklinton ?

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