Hello BP, I am a first time home buyer, currently in college at FSU and I just purchased a 3x1.5, 1800 sqft home that I plan to turn into a 4x2 and later rent out. When buying the property, I already had 2 roommates/friends lined up as tenants. According to my rental comps, I can list the house for rent at 2k after the renovations. Originally, there was a garage conversion that was transformed into a living space that I am turning into a 1x1 Master Suite, and I plan to occupy that space. I decided to divide the rent for the other rooms as follows:
Old Master: $500 190 sqft
2nd Room: $450 140 sqft
3rd Room: $400 108 sqft
One of my roommates recently backed out a week b4 move-in since I also wanted to put a 4th person in the 4th bedroom, another close friend of ours. I proposed the plan to him 3 weeks prior and made some compromises in order for everyone to remain happy. They'd have to share a bathroom ofcourse, but they wouldve gotten the Old Master and I even offered to lower the price to $475 after he originally said he wanted $350 for rent if he were to share the bathroom with one other person.
The house is in a great location near downtown and not a far drive from the Universities. I am furnishing most of the house with a TV, Pool Table, Couches, an extra Freezer and I am fencing the yard to accommodate pets. I also gave him the option to walk through the lease if he wanted to discuss any changes.
Does this deal seem reasonable? Did I accommodate too much for them or should i have moved more on the rent? I've never posted on this forum nor do I post on any social media so I'm just trying to make sure I'm not crazy and to get a better idea for the future. If I am crazy, I would like to know :)
Thanks for reading.
