Single Family Rent Schedule

[Tommy Johnson]

Folks, a couple of us in Minneapolis want to find an Appraiser in Washington DC to determine the Fair Market Rent where our Senator lives - how do we find a Fee Appraiser to pay for preparing the report?

 

[Mike Phillips]

Post in the forums for Individual States - try Delaware, Maryland or Virginia. If you are prepared to pay a professional fee as you indicated my guess is you will get some takers.

Of course, determining market rent for your Senator's home in DC might require more work than you are prepared to pay for.

Or just google on Real Estate Appraisers - DC and send them an e-mail.

 

[ZZGAMAZZ]

Google the Washington Post classified ads for houses for rent ????

 

[Offshore]

Wow, this could get interesting. Who is up for re-election, Norm or Amy?

 

[c w d]

A waste of time and effort.

 

[Charles Knutson]

Hi Tommy --

Welcome to the forum!

Posting your question in the regional forums (DC, Virginia, Maryland) is a good way to find an appraiser active on the forum, that works in the area in question.

Another way is to search the national registry of appraisers -- you can search by city or zip code or whatever. But in a major metro area like DC, you'll probably be better off finding someone through the forum.

Appraisal Subcommittee website

http://www.ASC.gov/

ASC registry

http://www.ASC.gov/content/category1/nr_intro.aspx?id=10

The relationship between rental rates and market values are unique to every area -- more often than not in big cities, rents will only cover a fraction of mortgage payment. Appraisal rent schedules use GRM (gross rent multipliers) to develop market value. GRMs are determined by comparing market rents to sale prices ($2,000 per month rent times a GRM of 120 equals a value of $240,000). GRMs in the 120 range will be cash flow neutral -- maybe positive if the GRM is lower than that. GRMs above 140 will generally indicate a negative cash flow. In Denver, GRMs of 180 or higher are not uncommon; unless the property owner has a low loan to value mortgage, they will probably have a negative cash flow.

Good Luck!

 

[Mike Boyd]

Google the Washington Post classified ads for houses for rent ????

Or, just try Washingtonpost.com/classified. But, first you will have to know the characteristics of the Senator's home. (SF, room count, other features) Proximity to the Capitol building will also be a factor.) Be prepared to be shocked!