Super Unfair landlord!

[Reid Mayo]

I confess, the subject header was just a sensationalist marketing ploy to get people to actually look at this post (few enter the "dreaded" renters forum). :-)

In actuality, my problem is somewhat unrelated (though the subject line certainly falls into the category of "white lie" as the landlords current price of 535 for the duplex section adjoining ours is unfairly high).

My brother and I just rented out the top floor of a house that has been turned into a duplex. The owner is renovating the basement into a 2 bedroom. I was initially excited about it because I was hoping some friends of mine could move in below.

The owner said the basement was to rent for $535. I know the markets in this area very well due to a lot of research as a renter (I've lived here 2 years as well while attending school) and due to my interest in real estate which I plan to exercise post graduation, and this price seemed appropriate sight unseen.

However, I inspected the half renovated section of the duplex today (with permission of course, since I had some friends who were interested) and was unpleasantly surprised. The area is small, and because it is the basement, the ceilings are super low. I'm a short guy (5 foot 8 inches) and I had to dodge around the ceiling lights so as to not hit my head.

Basically, there is no way this guy is going to rent this place for $535 in this market (to people that aren't complete dimwits at least). And we are worried that when he lowers his price, the low price will attract undesirable tenants.

We are trying to think of a way to discourage trash from moving in below us and driving us crazy. We are thinking of putting up a neighborhood watch sign in plain view in our yard and masquerading as the local neighborhood watch leaders to all potential tenants in hopes to scare out the bad ones.

Of course we will also alert authorities to any drug use etc if people actually move in.

Any better ideas?

Thanks BP community!