All Forum Posts by: Account Closed

@Christopher Winkler here is what my rentometer analysis looks like.  When you talk about "top of the gauge", do you mean top of the green bar?

@Eddie T. I know, I need to wait a bit on lowering the price.  All of this talk started because I am getting negative feedback on the construction and the size of the rooms and the narrow staircase, which turned into a discussion about price, which usually can overcome most obstacles.  

@Roy N. The rooms are not really that small, they just appear small because of the slant of the roof.  The rooms are actually 9 X 16 but with the slant of the roof, maybe 2 feet on each side is not usable space, making them actually closer to 9 X 12.  It's the staircase that's the biggest issue.  It's narrow and makes a sharp turn.  I have attached a picture of the outside so you can see the roof line and the lovely 1950's construction.  I even put a "before".  I probably went a little too smurf blue but I had to pick a color that was on the town's list of historic colors and didn't have a lot of choices.  I alternated gray and blue to separate the units from each other.  

@Bryce Y. Go ahead, toot your own horn.  It's ok.  

The road is a main road but it's not real busy and the property is surrounded by trees and shrubs so it's pretty private.

I went with the granite because the price difference was only a few hundred bucks and some of the apartments I previewed had granite and wood floors. Plus I figured it will last longer than laminate counters.  

It's only been on the market 5 days and I've had about 10 showings.  

@Steve Babiak no the comp is a single family.  We don't have apartment complexes in the area.  Just the brand new town homes that back to my property, which is a huge complex, but not really comparable because they are new with garages and over $1200 per month for 2 and 3 bedrooms.  They don't have granite or wood floors either.  Just your basic carpet and tile.  

I'm sure I just need to be patient.  If I need to knock $20 to $50 or even $100 off the rental, I still have room for a good return on my investment.  

@Eddie T. my contractor did a good job on price for me... but remember I have 9 units plus exterior, so it was a BIG project for him.  He's slower than I wanted and a little aggressive on his draw schedule (which I have held back on for the last few weeks because of a lack of progress).  

one very comparable, but even smaller 2/1, 820 sq. ft home, just recently rented nearby for $950 per month (was listed at $899, so must have had multiple offers).  It has a carport, and mine don't, but didn't list granite or any major updates except carpet and paint.

That's the lowest.   A few 1/1s last year at $750 and $800 and a 2/2 for $975.  Everything else jumps to $1200 and up for the most recent rentals in the 1950-1960 aged homes.  Only one or two with granite and major upgrades.

@Colleen F. I actually sent over an email last night to the property manager to change the listing from "completely remodeled" to "updated town home with 1950's charm and modern conveniences".  I also told them to put something in the notes about how narrow the staircase is and that possibly only IKEA furniture would fit upstairs because it could be assembled in place.  Heck, I might even furnish the upstairs with a few twin beds and a dresser and desk.  

These are all great suggestions. My property manager is insisting I don't lower the price yet. That's one of the reasons I like her.

Here are a few more pictures....(bathroom was not complete when this picture was taken... plumbing is now in).  There is nothing "old' in the unit, except the walls and the layout.  I have replaced everything.. tubs, toilets, cabinets, light fixtures, doors, flooring, windows, faucets, etc. 

2" faux wood blinds should be in soon.  I was trying to show with windows open because the windows are brand new and I think they look nice.

Popcorn ceilings have been scraped.  Some of the texture, which doesn't show in these pictures is not so great in places, but the contractor repaired 90% of the bad places.  Attic entry holes look old still because they are all different sizes and are just an opening with a painted board.

The layout is not the greatest.  1 small bathroom down stairs, main bedroom downstairs (see picture) is through the laundry room.  This was an addition done in the 90's and there wasn't really an inexpensive way for me to change the walk-thru.  It's a good sized bedroom with a huge walk in closet.  Just not an ideal layout.  I could add a door near the bottom of the stairs, but it's cinder block wall and I was trying to avoid cutting into it.

@Steve Babiak yes I can see both the list rents and the actual leased amounts.  Very seldom are lease amounts negotiated off of list price in our area. 

The 2 bedroom units are actually single family homes, not town homes or apartments.  They just happen to be on the same parcel of land.  

I guess I may find out that my rents are too high there too when it's time to rent.    This is a learning experience for me and luckily I have some room to move down on my rents if I need to.   

@Melissa Castaneda the remodel was broken out by units and by tasks within each unit.  The kitchen included replacing appliances, cabinets, countertops, and fixtures at a cost around $2500, not including replacing the flooring and the demo, which wasn't broken out by room.  I would say around $3500 total for the kitchen.  My remodel cost per unit was around $9K, not including exterior work.  

@Ed L. you read my mind.  I am planning to do a little staging this week to set up one as a model until I have the rest full. I think staging "warms" an otherwise vacant, unwelcoming property.  A shower curtain, some towels and some flowers and a cookbook in the kitchen make a huge difference even without furniture.