Renting to retirees?

[Steven Kinkead]

I purchased a small home in an age restricted (55+) community. I expect many of the potential renters will be retired, so their income will be from from social security, pensions, and savings.

Does the 3X rule (income should be 3 times the rent) still apply in this case?

[Bill Gulley]

Yes, rents shouldn't exceed 32% to 36% of gross income regardless of the source of income. :)