Comparable Rent Schedule in Wickenburg

[Matt Wright]

Is anybody familiar with the town of Wickenburg in Arizona? I have done an appraisal in the town of Wickenburg on a single family home and the lender is requesting a comparable rent schedule. I have searched listings and there hasn't been a single leased property in the town of Wickenburg in the last five years. Wickenburg is a 3 square mile town approximately 30 miles northwest of the metro Phoenix area. I would have to go approximately 30 miles to find rental comps and the two areas would not be at all comparable. Any ideas?

 

[Randolph Kinney]

Is anybody familiar with the town of Wickenburg in Arizona? I have done an appraisal in the town of Wickenburg on a single family home and the lender is requesting a comparable rent schedule. I have searched listings and there hasn't been a single leased property in the town of Wickenburg in the last five years. Wickenburg is a 3 square mile town approximately 30 miles northwest of the metro Phoenix area. I would have to go approximately 30 miles to find rental comps and the two areas would not be at all comparable. Any ideas?

Check the newspapers, Craig's List and the local For Rent magazine found in markets.

Also ask local property managers.

Personally, I like Yarnell.

 

[RSW]

Call some Realtors and ask them if they know of any rentals in your area too.

 

[c w d]

A few weeks ago I appraised a rental property in a small rural town. No rentals were found in MLS. I searched up to 3 years from the EOA. Still none. I searched several other small towns close to this place. Still nothing. I ended up having to go to a larger town 20 miles away. I explained the situation and didn't hear a peep from anyone after I submitted it.

 

[Financially Feasible]

Is anybody familiar with the town of Wickenburg in Arizona? I have done an appraisal in the town of Wickenburg on a single family home and the lender is requesting a comparable rent schedule. I have searched listings and there hasn't been a single leased property in the town of Wickenburg in the last five years. Wickenburg is a 3 square mile town approximately 30 miles northwest of the metro Phoenix area. I would have to go approximately 30 miles to find rental comps and the two areas would not be at all comparable. Any ideas?

Is the subject property a rental? If no, then I would, as politely as I could, tell the lender that a comparable rental schedule is not warranted (especially since it seems that your immediate market area is not a typical rental market either). If they proceed with insisting on one, come up with a bill commensurate with that amount of work (I know what mine would be for something like this... and it wouldn't be pretty!) and tell them that it needs to be paid in full before you lift a finger to do this kind of search.

If it is a rental... well... good luck! :icon_mrgreen:

 

[RSW]

I have had lenders request rent schedules for homes that were to be occupied by the borrowers parents or other family members. I had one where the house was about 1,000 sq. ft. large than most of the homes in the area. No comparable rents were anywhere to be found in the subject's market area. It would not be feasable to go outside of the market area due to the subject's location. I told the UW that and she said to provide a rent schedule on what was available for the area. So, I did and I used 800 - 1,000 sq. ft. two bedroom homes and stated the rent schedule was being provided according to the lender's request and that the rent schedule should not be relied upon due to the differences when compared to the subject. The UW just needed something for the file to get the loan processed. That is my take on it.


Scott

 

[Charles Decker]

try placing this in the AZ forum. As to your question, There are only 2 active SFR rentals in Wickenburg right now. I think Wittman would be your best bet, right down the road on Grand Ave. If not there, try New River, Mayer or possibly Crown King. There are also some properties close to the Grand Ave/Carefree Hwy junction in the southeast portion.

 

[Jo Ann Meyer Stratton]

It has been 13 years since I completed an appraisal in Wickenburg, miss the area, it was my substitute for Safford during the nine years I was located in Phoenix. Anyway, finding rentals at that time meant walking into each real estate office in town and talking in person with as many agents as possible. Looking through the ads in the local paper, looking for ads posted on bulletin boards in grocery stores, gas stations, etc. Eavesdropping on conversations heard in those locations. During those nine years I did about 75% of the residential appraisals in the Wickenburg area so I was very well known to all the agents and they all were very cooperative with lots of info. And since that is my current mode of operation in Graham/Greenlee County I know it still works.