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Updated about 11 years ago, 12/17/2013
Uncertain about rent - could use some thoughts
I have refurbed a 1/1 duplex that is ridiculously large to be only one bed. It's a B/B- prop in a C but improving area that is starting to attract some hipster/artist types.
I just rented a nice 1:1 on the same block that was markedly smaller but charming, with a good floor plan, for $495 - which was basically .90/sf plus $50/mo utilities.
If I put that same model on the new duplex, which is clean plain jane vs charming, I get a crazy number... $900, which is more than a 3/2 in this area. I'm fine with not getting .90/sf but am struggling with the right number.
Previously, with pretty terrible tenants it was $525/bills paid. I can live with $525/water paid but not sure that's the right price because of the size. Does the size get me anything but a headache?
Any of you with non-conforming properties have any words of wisdom?