Quote from @Dong Shi:
Quote from @Matt K.:
You should probably revaluate your tenant criteria. 200k+ and perfect credit, they're either buying or renting something nicer.
3500 mo, that's generically speaking 125-150k yr to qualify for rental based off income. They would have a hard time buying something with what prices are now.
I would also strongly understand what's causing lower credit scores too. Medial Bills, Student Loans can tank a score, but could mean they care more about housing then those things...
But where you're likely at would be by the room, get people in there at 1k mo utilities included. That's probably a competitive price these days more so with the quality of your unit...and those renters aren't going to care about you being onsite since they're already used to sharing space since they rent roomm.
Yeaaa. So this is what I'm having trouble with. I know the city in general has a poorer, more troubled demographic, so the general renter population will be worse. However, it's the property is in the Hayward Highlands, so the neighbors in the immediate vicinity are pretty well-off (You see porsches and teslas driving down the road in the neighborhood pretty often, and lots of the neighbors were successful managers, executives, successful contractors etc in their careers). It's also a much safer neighborhood than down in the flatlands. So I'm a bit at a cross-roads in terms of what to do, to wait for a high-quality tenant or to work with what I've got.
None of that tells you anything about the people in those homes or vehicles. It's easy to get a car loan, you wouldn't know if they have a 20% apr loan or paid it all cash. You'd also never know if they're a 600 credit score or an 800.
But generally speaking, a family is going to want that many rooms...and a family will likely value schools more so then a nice property.
Family with no kids, unlikely to "value" the high bedroom count...and would likely want less rooms that are bigger.
Your property is nice, but look at it from a renters perspective. What makes it more valuable or desirable then your competition.
With people returning to work and school, you could probably do well renting out the rooms... Look at how much rooms are going for, they're way up in the East Bay toward Walnut Creek. 1k room is affordable compared to 12-1500+ for a 1bd room plus your property probably nicer.
or since it's furnished, throw it up on furnished finder or do short term rental (but make sure you account for proper insurance).
You could also likely rewrite the ad, sell it that ad would turn me and most people I know away because it's too formal and not welcoming/selling me the dream lol
