Our criteria for what makes a good rental property
The general idea is to buy a property that will appeal to a majority of people of all types preferably in a reasonable rent range for the area, then the ultimate goal is to be able to fill a vacancy quickly with a better tenant who will hopefully like the place enough to stay longer term- school district
plays a big part on higher or lower rent for the same type of property
you can't stop someone trashy from moving into the neighborhood, but buying something next to a trashy place or having trashy houses on the street is not worth the best deal ever. Same goes for having apartment buildings in the immediate vicinity.
-type of home
-ranch style is the best because you appeal to every type of person, regardless of health and age
- true 2 story homes work though you just excluded older and people with mobility issues
- 1 1/2 story even if they are nice, the issue is that often the stairways are narrow and steep and the ceilings are sloped. Often they don't have great insulation and so they are often very cold and hot depending on season and have poor heating and air abilities. Getting furniture up is often a problem too. Lastly these rooms are often nice size but many parents don't want their kids on a different level as them so you exclude a number of potential renters.
- Basements really do not add to the rent price unless they are professionally finished. Bedrooms however must comply with the fire marshal requirements of an egress window into each one. Unfinished basements are really just a storage source and unless they are totally dry, more of a headache than it is worth and of course you pay for the space in the price of the house. Slab is the way to go because you eliminate any possibility for mold in a crawl space.
- yards are nice but moderate is adequate with no or minimal flower beds and minimal bushes is preferred because mowing and trimming is just not everyone's way to spend their days off.
- Garages are nice but a shed works as well because most people just use them for storage and their mowers. Not having either gives the tenant no where to go with their mower or then it becomes an unsightly piece in the back or side of the house.
- Trees are nice but can often be a real hassle with keeping the leaves cleaned up and of course if they overhang the house regular trimming is required
- I prefer 3 bed and 1 1/2 bath minimum just because that is the best configuration for most families and are easily resold if need be.
- 1 bedroom should be able to easily accommodate at least a queen size bed, dresser and another tv stand or something.- the spare bedrooms should be bigger than a walk-in closet
- Kitchen does not need a lot of counter space, but should have some that is usable and offer some cabinet room for dishes etc. They should also be large enough for 2 people to navigate around each other. Fridge and range are a must
- dining areas are kind of a thing of the past, but I still feel there should be at least a reasonable size area either separate or in the kitchen for a table for 4 people to sit
- porches, patios/decks and sunrooms all add to the appeal but not necessarily to the price.
- Central air is pretty much a requirement these days, except in some of the small houses where you may still be able to get away with wall or window units but some tenants are hard on these.
- Brick, vinyl siding, metal wrapped facia and windows as well as vinyl covered soffits add to maintenance free.
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