I'm beginning to see real estate agents listing rental or investment properties FOR SALE.....WITH POTENTIAL RENT in the blog title.
I frequently get calls from appraisers on the rent potential of a home they are appraising. I offer to give them a WAG BASED on my 45+ years of experience * WHAT I am getting in rent for similar units * AND after I have reviewed the property on MLS.....I'll spend 15 to 30 minutes reviewing the listing and doing some checking on comps in Craigslist AND on other property manager websites.
My LARGERS PLUS is that I may well have a comparable unit - similar size, #of BRS, same school system in my portfolio THAT IS ALREADY RENTED.
If you are marketing to local investors, THEY will KNOW the rent WITH or WITHOUT ceiling fans and washer and dryer, they will know where their potential renter is employed AND if there is a nearby bus line.
...so if you are going to quote a POTENTIAL rent for a property FOR SALE, have some back up or some BASIS other than what the monthly carrying costs may be with PITI that need to be covered.
....and let's be CAREFUL out there