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A smallish 1946 guest house that is walkable to the Light Rail. It sits way back in the corner of a 6 foot walled, 7244 sf lot. A guest house like this would normally rent for 500+ utilities, with another 1000-1400 sf house in the middle of the lot. So there would be some common space, and sharing of driveway and/or laundry. OK, so now take that set up, and eliminate the larger house from the equation, so now you have a smallish house and the lot all to yourself. What type of premium would you be willing to pay above the 525 for the privilege of having the entire lot 100% to yourself?
Can you legally rent the guest house? That should be your first question.
To answer your question..nothing. That isn't a living situation I'd want to be in. I either want an apartment to myself or a house to myself, or a condo/townhouse. I do not want to share anything with anyone. That's where issues start.
You might find a college kid or older single person to rent...but be very clear in what you expect from that guest house tenant.
As a landlord, I'd be most concerned about the type of tenant you would be attracting. If they fill 7k sq feet with junk, you'll be the one paying to haul it away, they shouldn't need the space for parking (working) cars if there's only 500 sq feet for people. I wouldn't be concerned about "mowing the grass", because irrigating that much grass could well cost as much as the rent- I would be worried about keeping the weeds down, and that much lot could be a hassle to maintain.
The bright side could be if you were able to attract a tenant that had a mobile business - landscaper, construction, etc, that needs secure space for a truck & a trailer - but again, it's a double-edged sword... They could very easily use the space to accumulate scrap. They could likely make your rent by collecting trash (appliances, metal, even used carpet padding can be sold in quantity), but your property would be a permanent eyesore.
There is no grass, and while there is a driveway big enough for six cars, the wording of the lease would prevent them from hoarding, having unlicensed/inoperable vehicles on the property. And yes it would be a perfect place to store a company truck or BOAT/rv, WHICH IS 100% LAWFUL. iT IS NOT IN AN hoa.
Can you legally rent the guest house? That should be your first question.
To answer your question..nothing. That isn't a living situation I'd want to be in. I either want an apartment to myself or a house to myself, or a condo/townhouse. I do not want to share anything with anyone. That's where issues start.
You might find a college kid or older single person to rent...but be very clear in what you expect from that guest house tenant.
Then you would be a good candidate, because you would have the whole lot to yourself. I used the term guest house do to it being very similar to actual guest houses behind other peoples houses. It is a fully fledged SFR, accurately recorded and taxed by the Assessors Office, 100% eligible to be rented out. I have had about a dozen people inquire about renting it, since I bought it in 2010, so having takers is not a problem at all. It's just a tough one to comp, because most houses of this size are on a lot with another house.
What is a "smallish" house? Do you have a square footage number? Number of bedrooms, bathrooms, etc.?
(And honestly, if the lot is only 7,244 square feet, I am surprised that another full house could fit on it.)
So what you have is a "smallish" house on a small lot (although the lot may be average size for the neighborhood)? What do houses rent for in the neighborhood, and how does your house compare in terms of the "usuals" like bedrooms etc.?
lowest priced sfr in the zipcode is 795. I am 8 blocks closer to the Light Rail. 3000 sf houses are built on 4-6000 sf lots quite frequently in LV, Phoenix, and California. My house is 400 sf. 1 br/1bath. But I've already verified that it would rent for 500-525 as a second house on an identical lot. Zillow says the range for rent would be 583-975. I'm thinking 639, but was hoping for some valuable input. I think about 1/3 of the residents of the nearby apartments paying the same amount (650 sf of living space, though), would rather have my house. Safer place to park and a space for a dog that would be 100 times better.
I am currently paying $450 for a 2,500 sf 3 bedroom house with a 2 car garage on 40 acres. I don't know anyone who would rent a 400 sf "house" on a tiny lot with no grass.
My answer is probably not very helpful, but I can't be the only one who feels this way.
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