Appropriate Rental Pricing?

[Thomas C.]

Hey y'all!

I am considering purchasing a property in a neighborhood that I would consider a "C" neighborhood.  This particular area is an area that has a fair amount of investor activity (but not as much as the "D" or "F" areas), however I am having trouble finding rentals currently on the market to use as comparables.  This will be my first rental property, so I want to make sure that I price correctly and ensure that I attract a decent quality tenant while not being overpriced.  I should mention that this property will be financed, so I want to make sure that the return will be enough to justify my purchasing.  Any tips on how to determine pricing or finding comparables would be appreciated!  

[Dan Armich]

@Thomas C. - two websites you can use are rentometer and Zillow. Rentometer is straightforward. On Zillow, zoom in to the neighborhood and click on each property. Many of them will have the desired rent listed in history. I normally knock on doors and ask anyone I see. I start with, “are you the homeowner?” 

One piece of advice, rent under the market rent if you can but be super selective in screening. We might get 50 inquiries, show to 3 people, and not rent to anyone in a given week. We have had good success avoiding evictions through screening and being willing to let a place sit empty rather than rent to someone that has any yellow flags. 
- Dan