Request for Assistance - Determining Average Rent Prices

[John Joey]

Hey everyone! I've been following bigger pockets since September '17, and I'm closing on my first 4-plex house-hack on Friday. Looking at the rent rolls, I believe that the rents are somewhat under-priced for my area; I'm trying to determine the average rent price, and what I should increase the prices to if at all. Any assistance would be greatly appreciated.

Property Characteristic:

• Unit Types - 2 bed, 1 bath
• Zip Code - 53210
• Street Location - Lisbon & Hartung Ave
• Appliances - Refrigerator, Oven/Stove/Cooktop
• Tenant Utilities - Electricity, Heat, Gas, Air Conditioning
• Landlord Utilities - Sewer, Hot Water, Trash

Current Rents:

1. $525 - MTM
2. $525 - MTM
3. $675 - MTM
4. $675 - 1 Year

Please note, I also intend to have tenants pay apportioned share of water/sewer/municipal cost. I understand the common practice of landlord paying, but I don't care for such liabilities. Given the information above, how would you price these rentals? 

[Nick Mulligan]

John,

Congrats on the purchase. I am currently trying to do the same thing as you, house-hack a 2-4 unit (hopefully 4). I do not currently own any units, so take this as you will, but a good strategy may be to call around to local units that are renting and pose as a potential renter. Ask the agent/landlord what the rents are and you should be able to get a decent idea of what the landlords in your area are renting for. 

Your friend,

Nick