Rental investment in Clovis Fresno

[Sai Aditya Reddy]

Hello all,

I am potential investor in Clovis Fresno area, looking to buy brand new lennar home costing around $440k. I have couple of questions.

1. What is the average rent i can expect for 3bed 2bath, so far i found around $2500

2. what kind of occupation do folks have in that area?

3. would there be good amount of people making income 3 times of $2500 ?

[Eneg R.]

Don't forget new lennar homes (or ANY NEW HOME) forces you to either puchase the solar outright or lease it. Purchasing it usually adds another $20K to purchase price. 

$2500 I find is on the highside for a 3/2. But it also varies on how many sq footage the house is. Rent that I've seen going for $2500 are closer or at/over 2000 sq ft. I have seen many 3/2 rent for way under $2500 and more like low $2000s when sq footage is only 1500-1600 sq ft.  and many pretty new homes

The valley is AG based. North Fresno/Clovis tend to have higher income earners and those making higher income are either in healthcare, education, gov. and most recently working remote moving from the bay area--but the latter probably purchased homes and arent renting--actually most of those in that industry I mentioned. So you have to find the sweet spot in rent to not be too high because those who can afford it just end up buying a home. But if you price too low, you probably are in the negative especially buying a BRAND NEW HOME in current real estate market in 2021 which has seen Fresno at all time high. Recent reports shows 10+% increase year over year from 2020 and ranked 26 out of 50 big cities in growth.