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I'm thinking of buying a property near Newland/Linville to rent (not as a vacation rental). I've got 3 SFH rentals in Catawba & Caldwell counties, but it seems that the price per square foot (for rent) is higher up the mountain, but that's hard to verify. I can't find anything on craigslist other than some stuff in Linville Land Harbor, and that's not the type of property I'm looking at. Even the newspaper only had 1 rental in it that I could find. So what would your average 2 bed/1bath or a 3bed/1bath rent for near Newland or Linville? Thanks!
The basic rule on rentals is that if you can't find good comparables, price it like the monthly payment on a FHA-financed sale. You're trying to find people willing to rent, who have credit good enough they could go FHA, but are not too likely to move out and make a purchase. You might also encounter applicants with even better credit, who have personal reasons to prefer renting if the price is reasonable.
The basic rule on rentals is that if you can't find good comparables, price it like the monthly payment on a FHA-financed sale. You're trying to find people willing to rent, who have credit good enough they could go FHA, but are not too likely to move out and make a purchase. You might also encounter applicants with even better credit, who have personal reasons to prefer renting if the price is reasonable.
Thanks! I'm hoping to find a couple who just wants a nice smaller home to live in (of course I can't discriminate). Some of the homes I'm looking at don't have A/C, but I looked up the historical summer highs, and it looks like A/C might not be needed at ~4000 elevation. Maybe a window unit would suffice.
On one hand, I was surprised that I couldn't find any rentals at all (I guess they're all through realtors up there? Or maybe they just put signs in the yard). OTOH, I've looked online for rentals in other towns where you would expect to find something online (like Denver, NC for example) and came up empty there too.
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