New 3 family, owner occupied, Providence RI: coin op or regular machines?

[Ellen Feiss]

Hi BP -- I have learned so much from this community so far, thanks so much to all

I have a 3 family in a nice, A- area of Providence. Currently I have inherited tenants, but I am planning for lease turn over. There is currently 1 washer/dryer set, regular/non coin operated, in the basement. I live in the building.

The machines are constantly in use -- it's annoying to me, and another set will be nesc for the higher end tenants I want to attract. From what I've seen there is no abuse (outside laundering) going on. However, because the set up is free, the machines are constantly in use. 

I could either 1) install a coin operated set up for the two tenant apartments 2) install another regular set and have two sets in the basement. 

I have read extensively on this site about coin op vs non coin op and the opinions are decidedly mixed. I aim to attract middle income, long term tenants. All plumbers I have spoken with have advised me against in unit laundry due to the floors (old building) and potential for leaks. I could get *maybe* $100 more a month if each unit had a dedicated set up in the basement. At the same time, it might be more cost effective to install coin op to lower laundry usage overall and add a bit to my water bill. I pay the water bill.

I have a local appliance guy who has whirlpool coin operated machines for $2400 total. He says his average repair is $150-$175.

The rental range for my units are $2300-$2550 (the latter would be with a dedicated laundry set up). I could also put in the hook ups and have tenants bring their own equipment. But I am also aiming to attract graduate students who will not want to put in their own equipment. 

Surveying landlords on my block - one suggested dedicated regular set ups in the basement, and setting rent at $2550, another suggested coin op and being more flexible with rent. The rental market does seem volatile, with the higher prices only supported in the high season (may-sept lease start). Many thanks!