What Rent might I fetch for this house? And, help with possible deal?
I was wondering if any local investor that knows the brownstown/Woodhaven area could help me determine what kind of rent i might be able to fetch for this one...
This is a newer construction home, built in 2004, in Brownstown. Zillow says worth 252, but it foreclosed, and the homes in the area like it are generally selling for 200-220.
2300 sqft colonial, built in 2004. Single Family. It is in a HOA, but I looked up the bylaws and under lease restrictions it just says that no grantee shall lease and/or sublet less than the whole of any dwelling on the lot. So, it seems to me, that the HOA does allow investment properties as long as the entire lot is rented to 1 family.
If anyone has a rental in an HOA, do you require the tenant to pay those fees (usually 1 time fee a year here) or do you divide it out monthly into the rent and not mention the HOA fee?
In the woodhaven/brownstown area, homes that are about half that square foot are generally going for 1200-1300 or so per month, although on Zillow I'm seeing some ranches of 1400 sqft asking for 14-1500. Is 2000 or 2200 a month unreasonable for a newer home like that? It's a very nice, quiet area, new subdivision (2002), I can't find any like it that are rented or looking to be rented.
Seems to me, just as a homeowner, to pay 2000 a month for rent, in any house. But, I'm a small fish.
I'd like help with analyziing a possible deal if the rent can be fetched at that amount. I'll post those later if I can get past the rent amount hurdle to start. But initially, it looks like I could generate 5-600 a month in cash flow. Is it normal to get higher cash flow on more expensive homes like that?
EDIT: The home has a 3 car attached garage. A selling feature no doubt.