Best way to find or estimate rent prices

[Dylan Fellows]

I found a property here in Wichita I really like and I’m trying to run the numbers to find my offer price but I have some questions. It’s a duplex right by Lincoln and rock and it meets almost all my criteria. Southeast side, little to no renovations and tenants already renting one side. 

Now I'm not to worried about the ROI numbers this time because I will be using FHA and my initial cash investment will be very low. I've looked at the average rent prices in that area from a Zillow spreadsheet and they look to average at about 980-1000. Looking at those numbers and using them I should be able to cash flow close to 200 a month when all is said and done and hopefully I'm not being to modest with expense numbers. 6% vacancy, 5% repairs and 100 CapEx seeing as how the appliances are almost new. I will be house hacking this property so these would be future cash flow estimates.

If anyone has any information or tips on how to truly estimate rent prices or my percentages for expenses for my analyzing I would appreciate some help. 

Thanks  

[L'aura Bradford]

@Dylan Fellows I go to my property manager and get them to give me the high/low. They're experts and often already have the formulas on the top of their head.

If you dont currently have a manager but are considering using one, this is a great way to start having conversations, too, and get an idea if they would be good to work with.

And a plug for PM's, for me personally, they make me money. When I managed the property I didn't do background checks, didn't know what the going rate for rent was, didn't have a good handyman, etc, etc. If those are all things you're ok doing yourself then it might be worth the 10% you'd pay them, but I compare it to changing the oil in my car - its certainly something I CAN do, but those quickie lubes have it down to a science.