Where to find rental comps for 1025?

[David S]

For one unit property, like SFR, CO or TH, MLS has two separate sections search. One for sale and one for rent. So it will be very easy to do 1007. But for 2~4 units property, why MLS only have one section search for the sales. Where the appraiser can find 2~4 units rent comps? I saw some 1025 report use sale comps for rent comps as well. Then, how can we decide which comps for the sale and wich comps for the rent? Please give me your 2c. Thanks!

 

[J Grant]

For one unit property, like SFR, CO or TH, MLS has two separate sections search. One for sale and one for rent. So it will be very easy to do 1007. But for 2~4 units property, why MLS only have one section search for the sales. Where the appraiser can find 2~4 units rent comps? I saw some 1025 report use sale comps for rent comps as well. Then, how can we decide which comps for the sale and wich comps for the rent? Please give me your 2c. Thanks!

In my MLS, in the rental section one can put in "style" (TH, SFR etc and one of the choices is duplex or 2-4 units, that way you can find rentals that are duplexes, triplex, fourplexes - the rent is for one of the units within them of course.;

 

[Zoe]

Look for local rental management companies. Very good source of rental information. Other sources are owners of local rental properties. Agents, the list goes on. Tenants.......etc

Charge for your work.

You have the license. You are the professional.

 

[Tom D]

i would look at all the 2-4 family near in your search, listing, pending, expired, sold etc. should find them there. lately our agents aren't putting in rents, makes doing them not fun. at last effort i do rental search by unit bedroom count. typically the 1 bedroom are multi, and a lot of 2 bedroom are from multi. what there is is what you use, nobody else will do better.

 

[Elliott]

I made an effort to friend a local property manager who had about 60% of the rental market. Always gave him a good bottle of Scotch for Christmas. Every now and then I'd ask for a copy of his rent roll report that had all the information I could ever want.

 

[Charles West]

RentOMeter is a good source for current asking rents.

 

[David S]

In my MLS, in the rental section one can put in "style" (TH, SFR etc and one of the choices is duplex or 2-4 units, that way you can find rentals that are duplexes, triplex, fourplexes - the rent is for one of the units within them of course.;

Yes. I did find similar information. But if you only get unit A's rent information, how do you know how much unit B, C and D rent for? Also, back to my original question: some 1025 report use sale comps for rent comps as well. Then, how can we decide which comps for the sale and wich comps for the rent?

 

[David S]

Look for local rental management companies. Very good source of rental information. Other sources are owners of local rental properties. Agents, the list goes on. Tenants.......etc

Charge for your work.

You have the license. You are the professional.

I don't think every zipcode has the rental management company. Will lender accept PM's information as verified source? Just put PM's name, phone # etc. there?

 

[David S]

I made an effort to friend a local property manager who had about 60% of the rental market. Always gave him a good bottle of Scotch for Christmas. Every now and then I'd ask for a copy of his rent roll report that had all the information I could ever want.

Thanks! I do have a PM friend. But they are about 10 miles away from my service area. Not sure they manage the multi units in my area as well.

 

[David S]

Look for local rental management companies. Very good source of rental information. Other sources are owners of local rental properties. Agents, the list goes on. Tenants.......etc

Charge for your work.

You have the license. You are the professional.

Again, AMC only pay $100 more for fourplex than SFR., not motivated to do that type of assignment.