Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago,

User Stats

13
Posts
2
Votes
Hunter Jones
2
Votes |
13
Posts

First rental....brain spinning

Hunter Jones
Posted

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?

Loading replies...