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Updated over 7 years ago,
Why is this house not getting many responses?
So I have a 750K single family home with an attached but separated MIL apartment above the garage (own breaker, kitchen, washer/dryer, entrance, driveway, parking, etc). The MIL apartment has zero vacancy. I'm now trying to rent out the main house and move back into another rental.
I initially listed for about what they houses were renting for at the peak of the summer. I've noticed square footage wise, the rents in the area have dropped drastically since mid summer. So I dropped my rent by $200, though I'm still maybe $100 above other houses currently on the market that don't have a MIL apartment that the prospective tenant would have to share walls with.
I'm not sure if it's the price, MIL setup (noted in the listing) or just that it's hard to find tenants who can afford 3K a month rent. Generally people with that kind of income and credit own, especially in my neighborhood.
If I don't find a tenant for this house, I may just stay in it until the 2 year mark (5 months away) and then sell.
Thoughts as to why it's not getting any responses? I've had one response from a guy who wanted to run a business out of it...Adult family home.
The only way the people renting their houses out in the area for a profit is if they bought them decades ago or have them paid off. Otherwise, they wouldn't even have enough money from rents to cover their mortgages, let alone vacancy, etc.