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Updated over 3 years ago,
First rental....brain spinning
So my wife and I just closed on our first rental property. Built in 2002, all brick It is a 2 bed 2 bath, 962 sqft condo in an area where the city is building new restaurants and entertainment venues and in the path of the new development for the city. The condos around it are mostly seniors but its not a "Senior" establishment. The immediate neighbor to the left pays $800 and to the left of her pays $725.
My question:
My purchase price was $75K cash, and the condo is in good shape but needs a good cleaning and a fridge. Otherwise, move in ready....but at what price point. My brain tells me to paint, new toilets, new vanities, new ceiling fans, door knobs, paint cabinets and new counter top....and then, I can ask 900-950. However, that will cost me $4k and I have to wait 3 more weeks before I can post it for rent. If we just clean and put a fridge, it seems I can get $800....but the appliances are tired.....My brain can justify both options, my gut says add a fridge and toilets and get $800......
For what its worth, Zillow estimates the rent at $950.....but thats zillow.......What has worked for you veterans?