Square footage versus being updated/renovated

[Nicole Cotrino]

We are currently looking to purchase our first rental property. We've narrowed our search to 4 bedroom homes, because there are very few 4 bedrooms on the market now and the ones that are on the market move very quick. There seems to be more demand than supply.

We found a home we love that is a little over 1,800 square feet. It is completely renovated, top to bottom, and practically feels brand new. Running the numbers seems to indicate that we would make a good profit, but I'm having trouble deciding how much it will rent for.

Our realtor ran comps, and most of the homes are bigger than ours (maybe 2200 square feet or so), but somewhat outdated. I'd like to say that ours will rent for about the same, because it feels very nice even though it is a bit smaller.

So, I'm just wondering what everyone's experience has been... would you say that renters tend to put more weight on niceness or size, if they have to choose?