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! 

[Luan Oliveira]

Here's a thought - since you already have machines, assign a day for the week to each tenant. 

If you do get a second set, make them yours, and assign the tenants each alternating days to the other. 

The other option would be to set up three hookups in the basement if there is space. If you do this, plumb and wire each one to the individual units to keep your costs down. Then go to the Lowe's outlet in Avon and get a cheap set for less than $500 total.