Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. 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 on . Most recent reply

User Stats

4
Posts
2
Votes
Ally Lewis
2
Votes |
4
Posts

Help determining rent.

Ally Lewis
Posted

I own a newly remodeled 3 bed 1 bath sfh in Saltville, VA. This area is in rural SW VA. There are no comps for me to determine a fair rent. I think the home would sell for between 90 and 100k. I would like to charge 800 a month but am not sure if this is possible? I have invested a lot of time and money updating it. I bought in that location because of the lack of nice sfh and hope my gamble will pay off. Any advice is greatly appreciated!

Most Popular Reply

User Stats

927
Posts
950
Votes
Jon Kelly
  • Investor
  • Bethlehem, PA
950
Votes |
927
Posts
Jon Kelly
  • Investor
  • Bethlehem, PA
Replied

@Ally Lewis Why did you buy it without knowing at least a ballpark rent amount? 

In a situation like this the best you can do is: (1) see what else is on the market within 5-15 mile radius or contact local apartment buildings like you did, (2) call agents to get their opinion, (3) call property managers to get their opinion, or (4) reach out to any real estate investors you know in the area. 

I would list it on the high end of whatever you believe the possible rent range is. If you think it can rent for $750-850, I would list for $850-900 and see what type of response(s) you get. I'd wait ~2 weeks before dropping it by $50 increments. 

  • Jon Kelly
  • Loading replies...