Do Bi-Level s rent well?

Question

I am in the process of making an offer on a Bi-Level (1550 sqft) to have as a rental houme and would like to ask the experts here what they think about Bi-Levels?  Do they rent well/easy?

what is the general opinion about this type of house?

Thanks in advance.

Account Closed · Answer

Is that the same as a split level? Where one half is 2 stories and the other half is one story and splits the difference in height, so a short flight of stairs up and a short flight of stairs down to get to the rest of the house? (Styles seem to be called different things in different parts of the country).

I'm not sure how one would rent. I would consider the style to be very old fasioned.  But, if the floor plan is good, and the location is good, I can't see why it would be any harder to rent than a 2 story; they both involve stairs.

The one to stay away from is the reverse floor plan where the kitchen is upstairs. Those are very difficult to sell and would be even harder to rent.

Mark Yuschak · Answer

Nick, I'm sharing the frustrating with you in the Genesee County area.  I'm getting beat out on nearly every offer I've been putting in.  These rock bottom low prices are starting to inch back up because the fad has caught on.

Michael Shadow · Answer

-Michael

Nick M. · Answer

thanks for your comments....unfortunately I was not the highest bidder.  
There were 24 offers and mine was not the highest  (even at 10K more than asking price).  This is becoming more the norm nowadays where the bank lists a house at a very low price attracting bidding wars. At 30K it would have been a nice cash flow rental but unfortunately it did nt work out this time.

Mark Yuschak · Answer

I actually own a bi-level that my wife and I own as a primary residence.  Been living in it since 2002.

Ours was built in 1996 so it doesn't have a lot of the shortfalls which are listed here...but at the same time, it is is for sale since it simply doesn't work for us anymore.  They major benefit is the amount of square footage.  We have 2000 square feet and it's all usable.

The big downfall is the stairs, the heating/cooling with the upstairs vs. downstairs, and the lack of a true basement.  I like the fact that when you're upstairs (where we spend 90% of our time) that you get a nice overlook of the neighborhood.

I considered renting ours instead of selling it, but it wouldn't make financial sense from a cash-flow perspective.  Although, it would rent for ~$1,250 a month.

Selling them is much harder since the number of buyers who would consider buying one is limited.

Account Closed · Answer

You shouldn't have a problem renting or selling the Bi Level as long as it's nice.  You also mention that the neighborhood is nice as well.

I've rented out as well as sold bi level homes with no problem.

Just Don · Answer

Here they are not as desirable as a split or ranch.

Here a bi level has a entry door,and you walk up a few steps to living room,dining room kitchen area,,,down too a family room,,,from the main level of kitchen etc. up another short set of steps to bedroom area either above more living area down  with the garage off to the side yet,, or a drive under garage,,,usually the garage under.

Cons- People object to the short sets of stairs everywhere which chews up alot of square footage unless the house is extremely large,,and then it still does.

Problems were that every level isnt doored at all so that heating and cooling was a bit problematic.  Hot air rises thru to upper level,,while lower level was very cold. And in summer  the air conditioning cant keep the uppers cool enough.

pro-   at the time they were built ,,builders claimed they offered MORE privacy since you could be on a different level as others of the family and have your own space.  they CAN be heated and cooled but takes somebody who knows what they are doing,,,generally by letting a circulating fan run continuously!!

I wouldnt want one,,course I am already antique old,,,and 'chopped up'' is a mild term for useage of space.

There was a thread a while back on how THESE houses were selling for a considerable discount to more 'modern' styles,,,and well might discount rent on those also.  Course 'some' people would benefit from the FORCED exercise of all those steps. Nobody really liked them back then,and seems less so now!!!

Nick M. · Answer

thanks Steve, 
My realtor did mention that the resale value would be less than on a ranch of same size however renting it should be no problem.

Thanks for your feedback.

Steve Dussault · Answer

Nick,

I have a 70's bi-level rental house.  On mine the lower level is not really finished.  It has painted cinder block walls and vinyl tile on the concrete floor.  The tenants use it as a kids playroom.  My house rents for a bit more that it would if it only had the nicer upstairs part.

My recommendation to you would be to take a property management company leasing agent though the property and ask what rent they think is reasonable.  Once you have the expected rent you can figure out your bid price.

Steve Babiak · Answer

For everyday living, that is probably a reasonable way to think.

But in NJ shore areas, these are often desirable for vacationers; time spent in higher elevation in the house usually exposes better views of the surroundings.