I manage everything myself: purchasing, refinancing, tenant screening.
I also work.
My wife manages repairs, does painting herself where possible, landscaping as needed. But I wouldn’t want to give the wrong impression, most years, it is very manageable, but we did spend like 30K on our oldest home (built in 2000) two years ago, and now it’s like a brand new house again.
A 5/3 in 4S, at 3500 sf would be about $4600-$7000, depending on upgrades etc. I personally probably wouldn’t plan on more than $5500 but there are clearly those who can and will pay at the higher range of that number.
I’ve been reviewing rental list prices and it seems like 4S has a few categories:
1) 3BR+ detached, the detached condo types which are 1400-1600sf and go for $3000-$3500.
2) The next level is often in the $4500+ range and usually 4BR plus.
Our new one is about to hit the market in about two weeks at 1900 sf with 3 full sized bedrooms plus one small bedroom which can be an office. Plan to ask about $4000.
I spoke to a few managers last week who had some of the smaller condo sized units still on the market and they wouldn’t take pets, some of them had approved an applicant but something changed.
3) Dream home, Santaluz category: With some individual listings of 7-10K per month. But you’re usually out of 4S proper at that point. Would need to do the math a few times before jumping on anything like that.
As far as MM, it’s a very different demographic, school district, you may be a touch light at $2300 but if everyones happy why not.
I tend to make small changes with current tenants, usually in the $50-$90 per year range, more often $50. Usually wait for a tenant to leave to make a bigger jump. If I don’t have a qualified person within a week or two, I’m mis-pricing it. There appears to be too much pent up demand.
