Key consideration again is the specific location rental property is located, not a one size fit all solution. I’m sure the rental markets in different parts of Arizona probably look different than different parts of California which look different from different parts of Nevada, depending on how deeply the industries were impacted by covid, which a heavy bias towards areas specifically impacted by a high concentration of tourism.
Completely different set of rental rules in Arizona. The only real test is to put a similar property on the market to see what sort of rent it could fetch and how many and quality of tenant pool. You might find someone interested in a pie-in-the-sky rent price, but if it’s for someone with a 550 credit score, there’s a high probability they wont pay soon. On the other hand, those odds go down significantly if that person is 700+. If the bulk of the interest is in the low credit/low income scoring range, then either you’re pricing it to high or you’re investing in area that’s going to high a higher probability of problematic tenants….That’s not to say people with high credit scores can’t wig out on paying…That’s possible too, but the probability is lower…Zillow makes this easy, because as part of people contacting you, they can fill out their credit score. Those that conveniently leave it blank have something to hide. Because those with higher credit scores like to mention it because they are looking for an edge over every other applicant, even the possibility of a lower priced rent for that better score.
