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Updated almost 4 years ago, 02/17/2021
Important features for rental units (dishwasher, laundry, etc)
Good morning. We are out of state investors in the search for another property in the Cleveland area. We aren't desperate so we're waiting for the right property. Our budget is <$120k. We're looking for units that could attract a quality tenant, and one that may stay for awhile, so we look for things like dishwashers, laundry, decent storage in the kitchen, etc. Basically, we don't want the tenant getting annoyed after living there for a while so they look elsewhere. Since we have to pay a property manager a significant amount of money every time the property turns over, too much turnover really kills the numbers. Our realtor, who is an investor himself, seems to think features like a dishwasher really don't matter.
Are we being too picky? Do these things really not affect the ability to find a good tenant? For example, I just found a unit on the MLS where the numbers look attractive. There are a decent amount of kitchen cabinets for pots/pans but no pantry area for food storage. Is this a stupid reason to disqualify a unit? I know we'd get annoyed living there without storage space and probably look to move on after a year or so.
Do the types of tenants renting 2 bedroom units for $1,000 in the Cleveland suburbs really not care about dishwashers and laundry? (We personally love condos. Our first unit is a great condo in Bedford Heights. I'm looking for another condo but am open to SFH as well.)
If you were searching for a Condo or SFH, in B areas, less than $120k, what are some minimum features you'd look for? We have a limited budget for investments so we have to be rather picky to find the right ones.
Thanks.