Estimating Fair Market Rent for 4bd/2.5b Condo?

[Scott Lawlor]

Hello All,

First off I want to say thank you everyone for building and contributing to this wonderful community. I am new to the REI game and have been absorbing as much information as I can. So I am looking advice on determining fair market rent for the property I am going to be living in/managing. My parents have sold an inherited property and are doing a 1031 to avoid cap gains tax. We've entered an agreement where I will manage the property for reduced rent. The property is in Murfreesboro, Tennessee and is about 10 minutes away from MTSU (Largest state college in TN). It is a new construction (2017) Turn-Key 3bd/2.5b Condo on the market for about 280K. Below is a link to a unit of the same layout. We plan to turn the upstairs "Rec Room" into a bedroom by building in a closet, so it will be a 4bd unit.

http://www.realtor.com/realestateandhomes-detail/2...

Personally after researching I was opting for something that is less of a turn-key, but my father sees it as less risk/stress. So that aside we are putting an offer on it and taking out a small morgtage to cover the difference as the 1031 doesn't completely cover the cost. The mortgage payment will most likely be sub $500 a month on a 15 year. We will have initial Cap Ex of 1 or 2 refrigerators, washer dryer, and some furniture. There is a HOA fee of $144 a month. I don't know how much of this information helps, but I'm just providing what I can.

I've been doing market research through craigslist and other sites, but I wanted to ask you wonderful folks here what you're thoughts are. My mother was suggesting 400-425 a month per room, which in my opinion is leaving a lot of money on the table. While built a little on the cheaper side (new construction), the finishes are all a luxury look. My mind goes to 475 at the lowest to 500 (excluding the master, which I'm not sure how to upcharge). Similar comparables in the area seem to support this, but its also skewed by student housing that offers private baths. I would like to note none of the price suggestions includes utilities. 

I would love some more educated opinions on this subject. I'm mainly operating off of gut feeling mixed with the education I've gotten recently from the books and podcast suggested here on BP. I appreciate your time!