How much is it worth?

[Emmett Hawkins]

I have a rental property in Memphis TN that I am planning to sell (potentially with owner financing) in Q4.  I have owned it since 2001.  It has been rented for almost that entire time.  The longest vacancy was 4 months while I did some major repairs from vandalism.  It is a 3 bedroom 2 bath ranch that has a long term tenant in it that is renting for $875/month.  I no longer live in Memphis and do not have much interest in continuing to manage a (profitable) property out of town.

I am trying to figure out how to best calculate the asking price given that my target buyer is an investor rather than owner occupied.  Any advice?

[Tim Lindstrom]

I always value single family homes based on comps.  Regardless of whether they are occupied or not.  Having a tenant in place doesn't make a house worth more to me, because I didn't get to pick the tenant.