Rent too far above market value?

[Nick Wehrley]

I’m looking at a deal for a rental property and am not sure if I can make it work or not. The market value rent currently is around 1400-1500 for comparable properties, as in same number of beds/baths/sqft. The question is how far above that can I go considering this property is completely renovated and one of the nicest in the area before it becomes difficult/impossible to get rented? For this deal to be worth it I’d prefer to get into the $1700-2000 range.