Rentals that are in desirable areas (areas I have identified quantitatively as those that command rent premiums against the metro average) usually don't sit more than a week or two on the market.

Tenant's tend to stay in those homes longer and the rents could command a bit of a higher price if you are in at least a somewhat desirable, clean and quiet area. 

A new one that has popped up is Black Hills Property Management and I may be mistaken, but I think it is a one woman show and she is also a real estate agent for Keller Williams.You might get an idea of what rent you could command by calling the Candlewood apartments, Kirkwood Meadow apartments (managed by KPM), or Harmony Heights these are west Rapid apartments that command nice rent, my guess is $850 - $900.Ended up being a long post, and what I would tell you is that I exited the Rapid City market once the prices started to sky rocket in about 2012.

You have to list the home as your primary address with your command, and state tax forms.

Hey Guys,Found a Pinterest post thought it is worth sharing. I particularly agree with #1. (also, don't count your signing bonus as your income.)

Collecting rent can also be a monthly adventure.Now, I will say that monthly profits in poor areas can be much higher, given the rents you can command in relation to the actual price of the property, but in general you’ll likely have to truly work for the income.

Granted, my apartments are in South Dakota, so this market probably commands a greater increase based on the current market. 

I would never rent to someone who is attempting to dictate the price.Also- be careful not to sell yourself short, someone who has lived in the area for 11 years may not be able to appreciate the demand that the community is now commanding...

@Wade Sikkink, if you determined that you can command higher rents without renovation, then why bother beginning the renovation at all?

You wouldn’t command much more rent by adding it either.