I have a 3bedrm 2bath single family home with 1946sqft in TN, i'm wondering how much i should rent it out for?
Answer:
That's not enough info..it would vary greatly from cities to small towns, and from the nicer neighborhoods to the yucky ones.
In my area, a stick built home like that would rent for 1000-1100 a month, if it was in fantanstic shape. Maybe 900 if its older.
We would definately need more info, like location and condition.
You should try comparing it with other rentals. If it's in or near a city you might try searching through craigslist.com then choose your state and closest city. You can be more specific by putting in a region in the search bar. Then I would price yours comparable. You can even list them on craigslist.com for FREE!!
depends:
excellent shape, good neighborhood, in the city, ect.= $1200
goodshape, decent neighborhood, outside the city = $1000
decent shape, not great neighborhood, ect. = $800
rundown, bad neighborhood,ect. =$600
i live in east TN and that would be about the rates around here
Do not rent it more than what your mortgage is. If you rent it for more than the mortgage you would have to pay tax on the "income" that you are making.
I am from WA, so I do not know if the same laws apply in TN. If you no longer have a mortgage payment, then you should talk to a lawyer or a company like H&R Block, and they can better answer your question.
What area?
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