Craigslist Test Ad Response

[Jason V.]

I've been struggling to figure out appropriate rent for SFRs in my area. I currently own one, and believe the rent to be on the low side of market rate, but I'm willing to live with it for now because the tenants are great and it is still cashflowing well. But the numbers on SFRs in my area generally look pretty bad, especially when compared to small multi-family properties...but I still like the type of tenants you tend to get in SFRs better.

The tough part is figuring out what a whole house will actually rent for in my area, because there are never any listed on Craigslist, and I haven't had any luck with my informal polling of my circles.

And in analyzing other SFR deals in the same area, I find that there's nothing I would be willing to purchase as a buy and hold if I have to rely on the same rent as my current SFR for another similar house (3 bed, 1-1.5 bath, 1000-1300 sq. ft., quiet village street in a good part of town.) Hence my Craigslist test ad.

1. Should I feel guilty about posting an ad for a property I have no way of currently renting? I kind of do....

2. If I get one qualified response from the ad, that's obviously not enough interest to run out and buy a house like this with the assurance of being able to rent it - how much of a response would you want to see to be confident about renting a unit at a certain price-point? 3 qualified responses? 10? It's a small market (14,000 pop.)

Thanks all!