how much can I charge for rent? (Somerville: for sale, real estate)

[intelgal]

Hi, does anyone know if there are any guidelines or information out there that I can look at to tell me how much I can charge for rent? I am thinking about buying an small investment property near Tufts University in Somerville and want to see if it'd be worth it.

Thank you!

[Valerie C]

You should request specific rental histories for specific properties. Although past rental performance does not guarantee future rental performance, it's the best place to start. Your Buyer's Agent (one who is familiar with commercial or investment property) will be a huge source of information. If you're not working with an agent, get one (interview several!) because the agent listing the property is working for the SELLER not you.

Bonne Chance!

[maraj]

I would suggest you check craigslist: boston classifieds for jobs, apartments, personals, for sale, services, community, and events as you can find many rooms and apartments near Tufts available and get an idea of price.

[sue629]

The closer you are to the university the higher the rent you can charge. i am assuming you will be renting to students since yu mentioned Tufts.
Around BU I can tell you that rents run from around 1600-2150 for 2 beds.
2150-2800 for 3 beds. 2800-3200 for 4 beds. These are approximate, depends on location and condition. if you fix them up they go for the higher rent. Somerville may be slightly lower, though tufts is an expensive school as is BU. Walk into a real estate office in the area you want to buy in and ask the brokers, /agents what is the going rate for the size apts in the building you are looking at. They will know general rents in the area. Also check craigslist to get an idea of what people are charging. bostonapartments.com is another source.
Expenses need to be figured to see if it is worth it. Cost of heat, hot water, water and sewer charges, taxes, insurance, maintenance costs, common electric, and then figure your debt service(cost to hold it, mortgage costs etc.) If you live in it and rent out the other unit, it may be worth it. Usually 2 fams do not kick off enough income to cover the costs to own it. Depends alot on what you pay for it and what kind of mortgage rate and terms you can get. good luck

[Jeremy01506]

My wife and her sister had a place just last year in the neighborhood you're looking at (Powderhouse), and their 2-bedroom was $1600/month, which included electricity.

[intelgal]

Thank you so much for your suggestions. I have been looking at craig's list and yahoo real estate.
What do you think about location near inman square in somerville off beacon street? Is that a convenient enough location? My husband doesn't seem to think so because it's not close enough to a t-stop, but there are bus stops and I think inman square is a desirable area. We are hoping to buy a 3 bedroom 1 bath charging between 2100-2400, and that'd cover tax, condo fee, insurance...etc. and possibly make a super slight profit.