Computing rental amount

[Alan Duff]

I'm a newbie working on my first deal. Looking at a duplex that is 2Br/1Ba. Craigslist yields $625 for a comparable unit in a stand alone duplex up to $775 for one with a fireplace and basement. Units in complexes in the area run from $660 to $724 for the same 2/1. Square footage is comparable for all.

The property I am looking at has a carport for each side as well as a sunroom on the back for each unit.  Fenced in back yard with divider fence.  One side is rented to a long term (10 years) tenant for $600 and the other side is vacant.  What should market rent be?

Thanks

[Account Closed]

@Alan Duff well, you really won't know until you can advertise it and see what happens.  If you're trying to decide if you should buy it, based on what rent you think you can get for it, I suggest you just use the $600/month figure.  You know for sure you can rent them for $600/month.  

Then, if you buy it, I'd advertise the vacant unit on Craigslist for $725 and see what happens.  Then, lower the price if you need to.  

Then, depending on what you get, look at raising the rent on the 10 year tenant - but not so high as she moves out, unless you want her to.  After a tenant has been in a unit for 10 years, you'll have a lot of work to do in there to get it ready for another tenant.