Learning multifamily rents - mls discrepancies

[Adrianne G.]

When analyzing potential deals, the very first question I have is “what are the rents”? However listing agents only rarely include this info in the listing (different regions have different standards, from what I’ve seen). Why is this not standard practice for mutifamily properties or long term rentals? Is there an easier way to figure this out besides calling the listing agent (or prop manager) for every potential deal?

[John Warren]

@Adrianne G. most MLS services are focused on servicing the main sector of the market which is traditional buyers and sellers. I would recommend leaning on your agent's experience when trying to get a feel for local market rents. I know all of my target markets rents here in the Chicago suburbs very well because I am active on the leasing side of things as well for my own properties. For 2-4 units, you have to do a lot of work to figure out what the NOI will eventually be because the expenses are typically not there as well. For instance, you will never see anyone add in CapEx or maintenance on a 2-4 unit, but they will most definitely exist when you buy!