3BR Home Rent in Lakewood/M-Streets (hardwood floors, real estate, rentals)

[cmw2133]

Calling all Lakewooders:

So my wife and I are looking at an investment property in M-Streets proper (75206). It's a 3BR unattached home, fully renovated inside, around 1700 or so sq. ft. Our broker seems to believe (and my wife agrees) that such a property could rent for $2000-2500 per month. That seems wildly optimistic to me. My impression is that it would rent for perhaps $1500-1750 per month. I tried to do some intel on Craigslist but it's fairly worthless. Anyone have any thoughts?

[Considering Coming Back]

Originally Posted by cmw2133

Calling all Lakewooders:

So my wife and I are looking at an investment property in M-Streets proper (75206). It's a 3BR unattached home, fully renovated inside, around 1700 or so sq. ft. Our broker seems to believe (and my wife agrees) that such a property could rent for $2000-2500 per month. That seems wildly optimistic to me. My impression is that it would rent for perhaps $1500-1750 per month. I tried to do some intel on Craigslist but it's fairly worthless. Anyone have any thoughts?

A relative is currently renting a 2 bedroom duplex in the M Streets for $1550. She wants to move into a Single Family Detached home and wants to keep her rent under $1700. She can't find a 2 bedroom and is looking on the other side of the lake. That 3 bedroom will not only rent for north of $2k, it will rent the day you list it.

[Lakewooder]

Which year was it built? Is it one the coveted "English Tudors" for which the M-Streets are known? How many baths? How is the tile? Kitchen updated? Is there an extra living space beyond formal living room and dining room? How is the garage? Hardwood floors? Fireplace? HVAC? Stained glass? Side porch?

[TurtleCreek80]

My friend just rented her 3/2 1700sf home in Lakewood Elem (north of Mockingbird) for $2200. It leased before it ever made it into the MLS or had a sign in the yard! All her realtor had to do was go back to the office and say "I just listed a 3/2 Lakewood Elem" and another realtor in the office had clients who were looking for that very thing!

Rents are definitely well north of $1/SF. Your realtor is correct and you are not. Realtor can pull recent comps for rentals zoned to same school to give you more confidence.

[cmw2133]

Originally Posted by Lakewooder

Which year was it built? Is it one the coveted "English Tudors" for which the M-Streets are known? How many baths? How is the tile? Kitchen updated? Is there an extra living space beyond formal living room and dining room? How is the garage? Hardwood floors? Fireplace? HVAC? Stained glass? Side porch?

It's not one of the English Tudors, unfortunately. It's a 3/2.5 originally built in the 1950s, I believe. Baths are good but not mindblowing. Extra living area beyond the living room/dining room. Kitchen is updated nicely but just a couple small things to make it just right. The only issue I can see is that the 3rd BR is a converted "attic" BR, for lack of a better word.

Originally Posted by TurtleCreek80

My friend just rented her 3/2 1700sf home in Lakewood Elem (north of Mockingbird) for $2200. It leased before it ever made it into the MLS or had a sign in the yard! All her realtor had to do was go back to the office and say "I just listed a 3/2 Lakewood Elem" and another realtor in the office had clients who were looking for that very thing!

Rents are definitely well north of $1/SF. Your realtor is correct and you are not. Realtor can pull recent comps for rentals zoned to same school to give you more confidence.

Thanks. This is one time when I don't mind eating a lot of crow...

[Lakewooder]

3/2.5 is good..not so sure about the attic conversion, would have to see how it's done -- in the olden days of the 80s when I sold Real Estate we would usually count that as half of the regular price per square foot - same for converted porches and even less for converted garages, which in most cases detracted from the value.

I'm not really that experienced with renting 3/2 homes. I'm living in a 3/2 home with converted attic myself, but not looking to rent it (also has a guest house). I have a 3/1 coming up for rent but it's just outside Lakewood Elementary - it's sort of small so I am thinking $1200 range. Most of my rentals are two bedrooms or less and I'm usually renting to a couple or single - sometimes they may have one kid - but I did have tenants put a bunk bed in the breakfast room to make it work so their kids could go to Lakewood. I wasn't that happy with that but hey Lakewood is my school!