I reckon the market rent for this sucka would be $2,000 or less. It’s only 2 bedrooms.
If the prices eventually do return to trend as we anticipate, a 175 monthly gross rent multiplier would result in an indicated value of about $350,000, which when compared to the 1995 purchase price of $255,000 actually makes some sense.
Granted, if the price structure in this neighborhood ever do go that far that point is at least a couple years off yet. Still, it could happen.
