How to value a studio rental without any comparable units

[Max Gerston]

Hello Bigger Pockets Community,

First, I would like to thank everybody for the willingness to share and help others. The information shared on the forum and podcast is absolutely incredible.

Here is my situation. I am setting up one side of my four bedroom house as a studio apartment with either one, or two rooms, and a kitchen (Converted laundry room). I am struggling to place a value on monthly rent as there is no comparable housing in my area, New River, Arizona. There aren't any other rooms for rent in the entire area. Does this mean everything is already taken? The apartment will be 250 SF with one bedroom, and 400 SF with the two bedrooms. I feel like I am in that $800-1400 range, but am not really sure.

Any advice or help is greatly appreciated. I have rented the room only with main house kitchen access in the past for $750, and I feel like the private area and private kitchen add value, I'm just not sure how much.

Thank you!!

-MG