possibility of above market rent?

[Brian Twigg]

Fellow BPers,

I am currently starting the process of relocating. With that I am at the point of either renting my current primary residence or selling it. I am located in West Sacramento Ca. which is currently a pretty hot market. I'll get right to the point: I purchased my house 2.5 years ago from a relative of mine for 275k (well under market value). Last year My wife and I decided it was in our best interest to be debt free minus our home so we pulled some of the equity and paid off all of our bills (College Loans) and put 5k or so back into our house. New loan amount is 340k. Our home is very nicely remodeled inside and out. A high end re-model, not rental quality. Actually considered to be the nicest house in the neighborhood by those that have seen it. This is where my problem is. I really don't want to sell this house because I want to get started with buy & hold but I can't make the numbers work at all. After running my numbers I would need $2650 a month in rent to cover everything and cash flow $100 a month. Market rents in my neighborhood for a home this size are around 1400-1800. Obviously way lower than what I need. Is it possible to get well above market rent if my home is better quality than others? I was told to try executive rentals or airbnb as a possibility but currently know nothing about these options so I'm a little hesitant. If I sell I know there is a profit to be made since my home appraised for 360k and most homes go above asking price in this market right now. We are planning on moving out of California so maybe the best option is just to sell and start over fresh? Any advice?