1007 Rent Survey Subject Not Livable

[J Grant]

The client is not asking for rental potential, they want a rent survey "as is".

I would venture to bet that the comps in similar condition purchased by investors and subsequently rented, were rented AFTER the investor made some repairs. I doubt any of the investors rented units in the subject condition.

You can offer the client two rent surveys, if they want that, one "as is", and one after repairs are made.

My opinion, judging by the photos, the unit is not rentable in current condition. At most it might be rented to a desperate or person or persons, for a $100 or $200 a month, but such a tenant would be so unreliable for rent and then trouble to evict them if and when owner wants to repair unit is not worth it to most owners.

 

[J Grant]

The OP could write something like this:

"In "as is" current poor condition, it is the appraiser's opinion that the unit would not be rentable to the typically motivated area tenant. The opinion of market rent therefore is "none", not rentable to any qualified tenant due to condition of unit.

However, the subject property is marketable to investors, who typically buy units in poor condition and subsequently n make repairs and rent the units after repairs are done with units in good condition. A rental survey was made of units of subject size and bedroom count in repaired good condition, and rental range found to be $1000-$1100 month"

 

[Mr Rex]

The client is not asking for rental potential, they want a rent survey "as is".

I would venture to bet that the comps in similar condition purchased by investors and subsequently rented, were rented AFTER the investor made some repairs. I doubt any of the investors rented units in the subject condition.

You can offer the client two rent surveys, if they want that, one "as is", and one after repairs are made.

My opinion, judging by the photos, the unit is not rentable in current condition. At most it might be rented to a desperate or person or persons, for a $100 or $200 a month, but such a tenant would be so unreliable for rent and then trouble to evict them if and when owner wants to repair unit is not worth it to most owners.

Where did you get this info? You don't get out much, rents in the hood are often fat, sometimes propped up by Section 8, with their inspection Nazi's either all over some sleazebag land lord who doesn't go along to get along, or having donuts non gratis at the local Duncan or Krispy Kreme with a more compliant "ideal" slum lord. FWIW, crack heads and meth heads gotta live somewhere, a little mildew is hardly a deterrent for them playing their section 8 card.

 

[J Grant]

Where did you get this info? You don't get out much, rents in the hood are often fat, sometimes propped up by Section 8, with their inspection Nazi's either all over some sleazebag land lord who doesn't go along to get along, or having donuts non gratis at the local Duncan or Krispy Kreme with a more compliant "ideal" slum lord. FWIW, crack heads and meth heads gotta live somewhere, a little mildew is hardly a deterrent for them playing their section 8 card.

Rex, this is my opinion of how I would handle it . It may not be the only way of course.

Aren't section 8 housing units subject to inspection and have to be in avg and habitable condition? In my area at least section 8 housing has to be approved and inspected. And what does the subject townhouse unit have to do with section 8?

I mentioned "desperate people" who would rent it for $100 or $200 a month in my post 31 on this thread , but is that a tenant any landlord would want? Aka meth heads or a crack head renting it....they could damage the unit even more than it is now or cause a criminal complaint which could make owner lose the property due to drug seizure laws if they were caught dealing there, or they could refuse to move out at end of lease and need an expensive eviction .

 

[J Grant]

Rex, you would recommend to a client renting to a meth head? Okay...

 

[sputnam]

You say..."Subject property is unrentable in its current condition."