Does Murphy bed, count as rentable bed (room)?
I have a few 1 bedrooms with a huge living rooms, approximately 14 x 16. One even has a nice little Nook in one wall, where I’m thing about putting a Murphy bed. I figured it would take a Saturday and about $450 in materials. Wandering if you all think i could advertise this as a 2 bed 1 bath and bump the rent by $50 to $100 per month?
I’ve seen people pay $40 for a cat or dog, and get more for deposit. If this is doable, 2 weekends and a $1,800 investment over 4 properties will net me $200 to $400 per month, which just kills the 1 percentage target.
Any thoughts on what someone would pay per month for granite counters? Kitchens are real small so maybe $800 in cost.
How about mini split air conditioners, vs their own window units? FYI in ohio, 1 hour north of Dayton.
Also would love to hear other ideas along this thinking. Fyi I already have coin operated laundry which grosses about 4 washes and 3 drys per unit per month, you can figure based on average cost in your area. Some folks air dry instead of power dry. Thinking about adding soap machine.
Originally posted by @Steven Westlake:I have a few 1 bedrooms with a huge living rooms, approximately 14 x 16. One even has a nice little Nook in one wall, where I’m thing about putting a Murphy bed. I figured it would take a Saturday and about $450 in materials. Wandering if you all think i could advertise this as a 2 bed 1 bath and bump the rent by $50 to $100 per month?
I’ve seen people pay $40 for a cat or dog, and get more for deposit. If this is doable, 2 weekends and a $1,800 investment over 4 properties will net me $200 to $400 per month, which just kills the 1 percentage target.
Any thoughts on what someone would pay per month for granite counters? Kitchens are real small so maybe $800 in cost.
How about mini split air conditioners, vs their own window units? FYI in ohio, 1 hour north of Dayton.
Also would love to hear other ideas along this thinking. Fyi I already have coin operated laundry which grosses about 4 washes and 3 drys per unit per month, you can figure based on average cost in your area. Some folks air dry instead of power dry. Thinking about adding soap machine.
In densely populated areas I’m sure a Murphy bed would rent for a lot, not sure about an hour north of Dayton.
I’m a fan of mini splits in Ohio that way you have a classier way to heat and cool.
As for granite, it is always nice but you won’t get more in rent if you have granite, but a tiny kitchen, it more so has an effect when added to an already great space.
Try to think of things that would add value to your tenants. That is always the best source of ideas.
@Steven Wilson - thanks
Having a bed in a room does not make it a bedroom - you can put a bed in a kitchen if you wanted to.
Think of a studio/efficiency unit - it is marketed as 0 bed 1 bath - though of course there would be a bed present.
@Anna Sagatelova -thanks
I would agree with several of these comments. Just putting a bed in the room does not really matter. It might make the space more efficient with a Murphy bed.
We always do granite in our rentals. We do not always get more rent but it cuts down on the overall maintenance and repair.
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Broker Oklahoma (#156017)
- Renters Place
Not sure putting a Murphy bed in a living room would really add much value. How would that be different than having a pull out couch (these are made for this exact scenario). We just rented a 1/1 SFR to a single person and I expect the wear and tear on the unit to be minimal. I think that if a second "bed" was going to allow more people, the unit is too small to accommodate that comfortably. central HVAC would be a nice feature though. (we don't do it because the payback period is too long or non existent)
Thanks folks. A little more info, this is the upstairs 1 bedroom unit of a 3 unit that started out as a single family around 1890. This unit was originally the 2 bedrooms and a bath of the single house, the smaller bedroom is 14 x 14, and the 14 x 16 bed room is now the living room, but because it was a bedroom it has a closet, which is where I’m going to put the Murphy bed along with some built in shelving, which means it will not reduce the room size at all. I’m going to try asking maybe $50 more than a standard single bedroom, and hopefully it’s uniqueness means they stay around. I’m estimating my cost at $1200, so two years to recover my cost.