Your Home and Rental Comps (1 Viewer)

[Chadstroma]

You have homework in this thread!

Your assignment is to go to Zillow (I feel dirty asking people to go to that site but I will soldier on). Enter in your home address. Look at the rental comp. Now compare that to your PITI (Principal, Interest, Taxes and Insurance... also HOA if you have that). Then report back the +/- on the cash flow as well as the nearest metro area for you or if you are in the middle of no where then say which state such as "rural Illinois"

 

[Chadstroma]

Chicago area +$1721

 

[STEADYMOBBIN 22]

You have homework in this thread!

Your assignment is to go to Zillow (I feel dirty asking people to go to that site but I will soldier on). Enter in your home address. Look at the rental comp. Now compare that to your PITI (Principal, Interest, Taxes and Insurance... also HOA if you have that). Then report back the +/- on the cash flow as well as the nearest metro area for you or if you are in the middle of no where then say which state such as "rural Illinois"

Maryland burbs, 12mi. From the White House

+1,461

 

[FBG26]

Minneapolis suburbs: Rent Zestimate is $800 higher than PITI.

 

[Chadstroma]

You have homework in this thread!

Your assignment is to go to Zillow (I feel dirty asking people to go to that site but I will soldier on). Enter in your home address. Look at the rental comp. Now compare that to your PITI (Principal, Interest, Taxes and Insurance... also HOA if you have that). Then report back the +/- on the cash flow as well as the nearest metro area for you or if you are in the middle of no where then say which state such as "rural Illinois"

Maryland burbs, 12mi. From the White House

+1,461

Imagine if that dump wasn't near by how high your property values would be!

 

[need2know]

HSV AL

+1370

 

[dgreen]

DC suburbs, +1100

 

[NutterButter]

NYC suburb +1260

 

[belljr]

Rent estimate is 500 more then my monthly payment whatever that means

 

[Senor Schmutzig]

Miami FL +$5874

Hmmm....that would be some serious cash flow if/when we decide to move...

 

[ChiefD]

Kansas City suburb on Kansas side:

+1019

Their house price estimate is about 20K low though for my neighborhood.

 

[Chadstroma]

Rent estimate is 500 more then my monthly payment whatever that means

It means that assuming Zillow rent comp is accurate (that is a pretty big assumption considering Zillow stinks) you could rent your home out to someone have them pay for the mortgage and then have $500 extra cash to you every month.

 

[Chadstroma]

Miami FL +$5874

Hmmm....that would be some serious cash flow if/when we decide to move...

Dude.... that is nice.

 

[brun]

+2400
Southern New Hampshire, 40 minutes from Boston

 

[Chadstroma]

Kansas City suburb on Kansas side:

+1019

Their house price estimate is about 20K low though for my neighborhood.

Zillow "Zestimates" are notoriously inaccurate. They are the most laughable thing in RE. It is why I usually NEVER tell people to even go to Zillow.

 

[Orange&Blue]

oklahoma city area... rental comp is 2800. My escrow is 1450.

 

[brun]

+2400
Southern New Hampshire, 40 minutes from Boston

Just thought I'd mention that I do get some rental $$ here. My son rents the in-law above the garage (not for much as I incentivize him to lose weight by charging rent based on his weight). His mom rents 2 rooms and a bathroom in the house as well. Between the 2, I get about 2/3 of my PITI covered.

 

[John123]

Denver +2500 but we don't owe anything on the place so no mortgage. What do you have against Zillow?

 

[Ron Swanson]

+3500 approx
Daytona Beach, FL area

Non primary residence data:
Rent 1
1700 zillow, actual 1185

Rent 2
2149 zillow, actual 1475

Rent 3
2564 zillow, actual 1910

We are under market, for sure and intentionally. All are good long term tenants who cause no issues but I still think zillow is high.

 

[Bogart]

+1600.
Fort Worth, TX

No mortgage, so just the insane property taxes to worry about.

 

[Galileo]

Cleveland suburb +2770

 

[Runkle]

Los Angeles (The Valley) +2123

 

[Poke_4_Life]

+700 Oklahoma City suburb.

Would probably be a higher positive number for most folks, but we have a 15yr note.

 

[Senor Schmutzig]

Miami FL +$5874

Hmmm....that would be some serious cash flow if/when we decide to move...

Dude.... that is nice.

The rent amount I used is a little on the low end based on current market conditions. A friend of mine is renting his place out for $1500 less and it’s not near as big or new as my residence. The market in Miami specifically is crazy.

 

[Chadstroma]

Miami FL +$5874

Hmmm....that would be some serious cash flow if/when we decide to move...

Dude.... that is nice.

The rent amount I used is a little on the low end based on current market conditions. A friend of mine is renting his place out for $1500 less and it’s not near as big or new as my residence. The market in Miami specifically is crazy.

$72K in extra cash flow a year is not bad at all. If you can get even more.... dang, man.

 

[Chadstroma]

+3500 approx
Daytona Beach, FL area

Non primary residence data:
Rent 1
1700 zillow, actual 1185

Rent 2
2149 zillow, actual 1475

Rent 3
2564 zillow, actual 1910

We are under market, for sure and intentionally. All are good long term tenants who cause no issues but I still think zillow is high.

Worth keeping them there with good tenants and providing a discount for that.

 

[Senor Schmutzig]

Miami FL +$5874

Hmmm....that would be some serious cash flow if/when we decide to move...

Dude.... that is nice.

The rent amount I used is a little on the low end based on current market conditions. A friend of mine is renting his place out for $1500 less and it’s not near as big or new as my residence. The market in Miami specifically is crazy.

$72K in extra cash flow a year is not bad at all. If you can get even more.... dang, man.

If that were to happen though, I would have to take some equity out in order to buy another place. Or I could rent using that cash flow. Having someone else pay both mortgages or mortgage and rent....the thought is appealing. We HAVE been discussing the possibility of relocating now that or son is heading to college in a couple of weeks...

 

[stbugs]

+2400
Southern New Hampshire, 40 minutes from Boston

Just thought I'd mention that I do get some rental $$ here. My son rents the in-law above the garage (not for much as I incentivize him to lose weight by charging rent based on his weight). His mom rents 2 rooms and a bathroom in the house as well. Between the 2, I get about 2/3 of my PITI covered.

Isn’t your son’s mom your wife? I know there are other scenarios but kudos for charging your wife rent!

I’m at $2200 for Charlotte.

 

[skol asylum]

Phoenix suburbs.

PITI $2,339.27

Rental $2,995.00

I'm on a 15 year mortgage though.

Oops, forgot HOA. $100 a month.

 

[urbanhack]

Portland, OR = $600

 

[Nugget]

My rent is about 40% less than their rental estimate, so I got that going for me.

 

[STEADYMOBBIN 22]

Just for more perspective,

Zillow says I can get $3,600 mo in rent. That seems accurate considering the neighbor is getting $3k and the house is more than half the size of mine.

 

[skol asylum]

Kansas City suburb on Kansas side:

+1019

Their house price estimate is about 20K low though for my neighborhood.

Zillow "Zestimates" are notoriously inaccurate. They are the most laughable thing in RE. It is why I usually NEVER tell people to even go to Zillow.

Seems pretty accurate from what I've seen here in AZ.

 

[Chadstroma]

Kansas City suburb on Kansas side:

+1019

Their house price estimate is about 20K low though for my neighborhood.

Zillow "Zestimates" are notoriously inaccurate. They are the most laughable thing in RE. It is why I usually NEVER tell people to even go to Zillow.

Seems pretty accurate from what I've seen here in AZ.

It really isn't... if accurate it is pretty much an accident.

If you want to make a realtor or lender laugh.... tell them that you know your value of your house because you looked at Zillow.

 

[skol asylum]

Kansas City suburb on Kansas side:

+1019

Their house price estimate is about 20K low though for my neighborhood.

Zillow "Zestimates" are notoriously inaccurate. They are the most laughable thing in RE. It is why I usually NEVER tell people to even go to Zillow.

Seems pretty accurate from what I've seen here in AZ.

It really isn't... if accurate it is pretty much an accident.

If you want to make a realtor or lender laugh.... tell them that you know your value of your house because you looked at Zillow.

Do you have another site to recommend?

 

[Chadstroma]

Kansas City suburb on Kansas side:

+1019

Their house price estimate is about 20K low though for my neighborhood.

Zillow "Zestimates" are notoriously inaccurate. They are the most laughable thing in RE. It is why I usually NEVER tell people to even go to Zillow.

Seems pretty accurate from what I've seen here in AZ.

It really isn't... if accurate it is pretty much an accident.

If you want to make a realtor or lender laugh.... tell them that you know your value of your house because you looked at Zillow.

Do you have another site to recommend?

AVM's are hard. Public data is the easy part. The hard part is getting the property data. I have a service called Homebot that I provide to my clients: https://hmbt.co/aXP66A

It sends a monthly digest with an AVM and a bunch of other data like airbnb potential, current refi options, etc. You are welcome to use it (as well as anyone else who is interested) as I have plenty of slots open on my current service plan with them.

I have found their AVM's to be much more accurate to actual appraisals done in the past couple of years.

 

[Rustoleum]

Northern KY (Cincinnati) +$435

house is probably 20% overvalued on Zillow but what do I know? What I would pay for stuff and what other people pay for stuff are wildly different.

 

[skol asylum]

Kansas City suburb on Kansas side:

+1019

Their house price estimate is about 20K low though for my neighborhood.

Zillow "Zestimates" are notoriously inaccurate. They are the most laughable thing in RE. It is why I usually NEVER tell people to even go to Zillow.

Seems pretty accurate from what I've seen here in AZ.

It really isn't... if accurate it is pretty much an accident.

If you want to make a realtor or lender laugh.... tell them that you know your value of your house because you looked at Zillow.

Do you have another site to recommend?

AVM's are hard. Public data is the easy part. The hard part is getting the property data. I have a service called Homebot that I provide to my clients: https://hmbt.co/aXP66A

It sends a monthly digest with an AVM and a bunch of other data like airbnb potential, current refi options, etc. You are welcome to use it (as well as anyone else who is interested) as I have plenty of slots open on my current service plan with them.

I have found their AVM's to be much more accurate to actual appraisals done in the past couple of years.

Awesome. Thank you.

Your website has me at $695,316. Zillow has it at $691,200.

Really cool looking tool. Going to play around with it some more later.

 

[DA RAIDERS]

south OC +2150

 

[Todem]

Rent - $9940
What I pay - $4380 all in PITI, maintenance. 4,000 sq feet under air one story home on a 1/4 acre on the water (long lake view)

+ 5,560

Parkland, FL

Our maintenance covers all landscaping of our home and common area as well as irrigation plus we have a 50K square foot clubhouse, massive resort style pool, outdoor bar, cabanas etc, tennis courts, basketball court and tot lot.
M

 

[-OZ-]

HSV AL

+1370

HSV “suburb”
+ 1370

wait, are you my wife or oldest son?

 

[-OZ-]

Kansas City suburb on Kansas side:

+1019

Their house price estimate is about 20K low though for my neighborhood.

Zillow "Zestimates" are notoriously inaccurate. They are the most laughable thing in RE. It is why I usually NEVER tell people to even go to Zillow.

Seems pretty accurate from what I've seen here in AZ.

It really isn't... if accurate it is pretty much an accident.

If you want to make a realtor or lender laugh.... tell them that you know your value of your house because you looked at Zillow.

Do you have another site to recommend?

AVM's are hard. Public data is the easy part. The hard part is getting the property data. I have a service called Homebot that I provide to my clients: https://hmbt.co/aXP66A

It sends a monthly digest with an AVM and a bunch of other data like airbnb potential, current refi options, etc. You are welcome to use it (as well as anyone else who is interested) as I have plenty of slots open on my current service plan with them.

I have found their AVM's to be much more accurate to actual appraisals done in the past couple of years.

Damn. That site has me close to 10% higher than Zillow ($584k vs $537k)

 

[Ted Lange as your Bartender]

Philly Suburbs

+$1,226 (15 yr mortgage)

 

[DA RAIDERS]

Rent - $9940
What I pay - $4380 all in PITI, maintenance. 4,000 sq feet under air one story home on a 1/4 acre on the water (long lake view)

+ 5,560

Our maintenance covers all landscaping of our home and common area as well as irrigation plus we have a 50K square foot clubhouse, massive resort style pool, outdoor bar, cabanas etc, tennis courts, basketball court and tot lot.

Where

 

[Chadstroma]

Kansas City suburb on Kansas side:

+1019

Their house price estimate is about 20K low though for my neighborhood.

Zillow "Zestimates" are notoriously inaccurate. They are the most laughable thing in RE. It is why I usually NEVER tell people to even go to Zillow.

Seems pretty accurate from what I've seen here in AZ.

It really isn't... if accurate it is pretty much an accident.

If you want to make a realtor or lender laugh.... tell them that you know your value of your house because you looked at Zillow.

Do you have another site to recommend?

AVM's are hard. Public data is the easy part. The hard part is getting the property data. I have a service called Homebot that I provide to my clients: https://hmbt.co/aXP66A

It sends a monthly digest with an AVM and a bunch of other data like airbnb potential, current refi options, etc. You are welcome to use it (as well as anyone else who is interested) as I have plenty of slots open on my current service plan with them.

I have found their AVM's to be much more accurate to actual appraisals done in the past couple of years.

Damn. That site has me close to 10% higher than Zillow ($584k vs $537k)

See.... mine is better.

 

[FatMax]

+$1166 - Sacramento area ... though the rental estimate seems a bit high to me, but I could be wrong.

 

[FatMax]

Kansas City suburb on Kansas side:

+1019

Their house price estimate is about 20K low though for my neighborhood.

Zillow "Zestimates" are notoriously inaccurate. They are the most laughable thing in RE. It is why I usually NEVER tell people to even go to Zillow.

Seems pretty accurate from what I've seen here in AZ.

It really isn't... if accurate it is pretty much an accident.

If you want to make a realtor or lender laugh.... tell them that you know your value of your house because you looked at Zillow.

Do you have another site to recommend?

AVM's are hard. Public data is the easy part. The hard part is getting the property data. I have a service called Homebot that I provide to my clients: https://hmbt.co/aXP66A

It sends a monthly digest with an AVM and a bunch of other data like airbnb potential, current refi options, etc. You are welcome to use it (as well as anyone else who is interested) as I have plenty of slots open on my current service plan with them.

I have found their AVM's to be much more accurate to actual appraisals done in the past couple of years.

Pffft. Yours has mine 60k lower than Zillow. Just looking at recent comps, I think the real sell price would be somewhere between

 

[The Z Machine]

Baltimore City +$650. I'm on an 18 year mortgage though. Original would have been about +$900 I think

 

[brun]

+2400
Southern New Hampshire, 40 minutes from Boston

Just thought I'd mention that I do get some rental $$ here. My son rents the in-law above the garage (not for much as I incentivize him to lose weight by charging rent based on his weight). His mom rents 2 rooms and a bathroom in the house as well. Between the 2, I get about 2/3 of my PITI covered.

Isn’t your son’s mom your wife? I know there are other scenarios but kudos for charging your wife rent!

I’m at $2200 for Charlotte.

Ex-wife
Actually ex-wife #1

 

[need2know]

HSV AL

+1370

HSV “suburb”
+ 1370

wait, are you my wife or oldest son?

Roll tide