Your Home and Rental Comps (1 Viewer)

[Brunell4MVP]

Kinda depends on the length of your loan. We have a 15 year mortgage. Hard to run positive to rent estimates with that.

 

[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

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

Parkland Florida

 

[steelerfan1]

+950ish

Charlotte NC area

 

[Orange&Blue]

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

holy balls.

 

[Orange&Blue]

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.

zillow and that are $1k apart

 

[Schmeabs]

+4550

 

[Orange&Blue]

It's Over: How Home Prices Destroyed the American Dream

ðª Hump Days Newsletter â https://humpdays.substack.comThis video we discuss home prices and the factors leading to high home prices this year and beyond.Pri...

youtu.be

 

[rockaction]

Ex-wife
Actually ex-wife #1

Hey, at least you've still got faith in the institution. You're like my brother. Damn if he won't keep trying.

 

[coopersdad]

Fort Worth +850.

 

[baymen]

Zillow has my rent estimate at over $31K a month That is not real. I would clear about 28K a month.

Live in the Hamptons out east on Long Island. Home value is close though.

 

[Captain Cranks]

$1,700 in Tampa burbs. Just bought the house 2 years ago.

 

[fantasy stud]

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"

Central Fl an hour north of tampa.
+ 850

 

[ghostguy123]

Roughly 40 miles east of Cleveland. It says the rent estimate is $1900. There's literally no way I'd get that much. More like 1600 maybe, tops. Also, very few if any comps to go by.

My current payment on a 15 year (from when I did a cash out refi) is $1200. This is at 3%, with a loan amount of like $110,000 or something like that.

My house payment if bought at it's current value (about 220k) on a 30 year loan at 7% (including taxes and insurance) with 20% down is about $1520.

 

[ghostguy123]

Given most people here bought their homes before Covid, and with low rates through purchase or refi, I'm guessing literally every one of those cases is going to result in a very nice positive cash flow of they turned their house into a rental.
So yeah, yay us for buying when we did.

 

[The Dreaded Marco]

+$3100

Layton, UT (20 miles north of Salt Lake City)

 

[Captain Cranks]

Another fun assignment is calculating how much more your payment would be at today's value and rates. Assuming 20% down at 7%, my monthly payment would be $3k higher.

 

[Runkle]

Another fun assignment is calculating how much more your payment would be at today's value and rates. Assuming 20% down at 7%, my monthly payment would be $3k higher.

Same, +$3020

 

[gianmarco]

Another fun assignment is calculating how much more your payment would be at today's value and rates. Assuming 20% down at 7%, my monthly payment would be $3k higher.

Same.

So thankful to have been able to have timing work out. Sitting on a 30 year fixed at 2.75% and plan on being here long term.

That's $36K saved/year, or $1M over the life of the loan. And with my saving's interest rates getting almost double that (plus inflation), it's just free money. It's why I'd never consider prepaying or paying off the mortgage early.

 

[Tecumseh]

Rural Georgia- rent estimate is $1300 higher, but we’ve already done the research, and it actually would be $1700-$2300 higher. We’re semi looking to buy another place and rent this one, but waiting for the fed to settle down with the rates.

 

[Ridgeback]

Rental price is $2448, which seems about right, although that doesn't
Take into consideration the ADU that i rent out for $1650. My place is paid off. That being said my property taxes are crazy here - last year was about 7,300.

Portland, Oregon.

 

[ghostguy123]

Another fun assignment is calculating how much more your payment would be at today's value and rates. Assuming 20% down at 7%, my monthly payment would be $3k higher.

PITI with 20% down.

At purchase in 2015: $671

Now: $1547

My original principal and interest was 388, right now it would be 1200.

 

[Stoneworker]

Another fun assignment is calculating how much more your payment would be at today's value and rates. Assuming 20% down at 7%, my monthly payment would be $3k higher.

Another fun assignment on top of that is calculating how much of the PITI vs. rent cash flow difference is eaten up by repairs and maintenance (including the cost of one's own DIY labor), capex, various improvements and projects that don't increase property value, front end and back end transaction fees (mortgage origination, broker fees, etc) and other ownership expenses that are embedded in a rental payment but not included in PITI

Then it gets really interesting when looking at what the downpayment could have alternatively earned in the stock market (while renting) vs. used as equity in the house (while owning).

 

[ghostguy123]

Another fun assignment is calculating how much more your payment would be at today's value and rates. Assuming 20% down at 7%, my monthly payment would be $3k higher.

Another fun assignment on top of that is calculating how much of the PITI vs. rent cash flow difference is eaten up by repairs and maintenance (including the cost of one's own DIY labor), capex, various improvements and projects that don't increase property value, front end and back end transaction fees (mortgage origination, broker fees, etc) and other ownership expenses that are embedded in a rental payment but not included in PITI

Then it gets really interesting when looking at what the downpayment could have alternatively earned in the stock market (while renting) vs. used as equity in the house (while owning).

Yeah. Right now it looks bad. Generally long term owning clearly preferable. But, if looking to start that process right now, oof.

 

[Stoneworker]

Another fun assignment is calculating how much more your payment would be at today's value and rates. Assuming 20% down at 7%, my monthly payment would be $3k higher.

Another fun assignment on top of that is calculating how much of the PITI vs. rent cash flow difference is eaten up by repairs and maintenance (including the cost of one's own DIY labor), capex, various improvements and projects that don't increase property value, front end and back end transaction fees (mortgage origination, broker fees, etc) and other ownership expenses that are embedded in a rental payment but not included in PITI

Then it gets really interesting when looking at what the downpayment could have alternatively earned in the stock market (while renting) vs. used as equity in the house (while owning).

Yeah. Right now it looks bad. Generally long term owning clearly preferable. But, if looking to start that process right now, oof.

Exactly. Timing and market conditions play a huge role.

Financing/refinancing during Covid is as good as its gonna get perhaps in history.

 

[Nugget]

Either your rental markets are insane or your homes are huge. Until my landlord raises her rent, I have to live here forever.

 

[Leeroy Jenkins]

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.

Except wherever you move to, your new payment will be high due to interest rates being up as well as home values.

 

[steelerfan1]

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.

Zillow shows home at 432k while your bot shows 492k. Hope your bot is correct.

 

[Random]

$3324 Zillow Rent Est
$0 pmt,
$100 Ins
$329 Tax
Midwest Ohio.

 

[The Commish]

+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.

Imagine what it'd be if they got off their butts and did something about insurance here GB

Ours is roughly +1300....north of orlando and west of Daytona. Zillow also says my house is worth about 2.5 times what I have left to pay (only been here 6 years) so take that FWIW.

 

[SteevieG]

+ 1,347 Between Atlanta and Athens GA. About 30 miles from each.