How to estimate rent for vacant quad that has no comps nearby?

[Latasha Griffin]

A quadplex I'm interested in purchasing is newly renovated and still vacant so no rent roll. Each unit is 2 bed/2.5 bath, approx 1100 sq ft, with separate water meters, small fenced-in front and back patios, new water heaters/HVACs, new plumbing, new electrical, new roof, new appliances, etc. Property has been over-improved for the area, in my opinion. All other quads in s/d are in some spectrum of disrepair (no HOA). Working class (B) neighborhood.

The seller originally listed for $795k but has reduced 4 times in past 90 days to $685k. I need to estimate the potential rent in order to figure out if I want to submit an offer.

Most comparable sale w/in one mile, considering quality of renovation, closed Apr 2019 for $655k which was slightly above asking price and was only on the market for 6 days. That property had rents from $1350-$1450. It was very clean but not as modern-looking as the subject property I am interested in. The most recent comps were $500k and $450k in May 2020. Those properties had rents from $915-$1000. These two are all in the same s/d as the subject property.

There are only two quadplex s/d's in this area. Everything else is either detatched SFH renting from $2000+, condos renting from $1450+ or apartments renting from $1000+.

Does anyone have any advice on how to estimate the potential rent in this situation?

[Doug Woodville]

Not sure if you're looking to hire a PM but if you are this could be the start of your search for one. Try giving some a call and tell them what you're looking at and see if they provide their thoughts on the rental rates for the area. I bet you could have a list of PM's and make some calls within an hours time.