We're learning, learning, learning.
@Cesar Brito thank you for the words of encouragement.
@Jeff Hamel we're STILL not done remodeling. We find that having an infant is quite the hindrance when attempting to get work done! We have high hopes for the neighborhood though and are in negotiations with the bank for another house a couple of blocks away and are looking for a third house. We understand the neighborhood has cleaned up very well and we figure between base and PLU, there's always going to be a rental market here. The problem is, prices have skyrocketed in the last year and we're having a hard time making things pencil like we want lately.
Honestly, if we hadn't put so much time and money in to the house we're in now, I'd try to convince my husband to move to this one. We have an incredible view of Mt Rainier, open fields in front of us, a couple of k-12 schools immediately next door, and living so close to a college campus means there's always a nice place to walk and decent cafe's/coffee shops. The only thing I feel like the neighborhood is missing is a grocery store within walking distance.
We'll be putting ours up for $1,250. Fully newly renovated plus washer and dryer. It seems to be about where the neighborhood is at. It's either a 2/1 with two large living spaces or a 3/1 with one large bedroom, two decent size bedrooms, and one living space. Tenant will get to make that choice. College students are our target market so that puts the rent at $420/person, plus utilities. It's what my husband and I each paid for our places in college a decade ago so we feel like it's fair. Which also tells me you might be a little on the low side?
I'm going to take some photos today and will load them tonight.