Updated over 2 years ago on . Most recent reply
Rentometer for Cashflow screening
Hello everyone! I'm looking for my first rental property, a condo in Chicago. I've been using Rentometer.com to quickly screen potential cash flow for MLS listings my agent sends me. Can you share your experiences with Rentometer's accuracy, or suggest any other tools? Thanks!
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#3 Classifieds Contributor
- Real Estate Agent
- Metro Detroit
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#3 Classifieds Contributor
- Real Estate Agent
- Metro Detroit
The MLS is the only data that is actually verified.
CHALLENGE: Less than half of rentals go through the MLS, so there isn't always enough data points to be helpful.
Zillow has everything the MLS has, PLUS PMC's and individual landlord listings.
CHALLENGE: No one actually reports what a lease "sold" for or verifies it. All you know is what it listed for
Rentometer: has same challenge as Zillow.
BEST to use all three to make sure you have enough data points to reference and then try to average out the data points for the best comparables.
- Michael Smythe
