09-13-2009, 11:32 AM
This is all very good advice. Definitely go through the class ads in paper and craigslist. Because craigslist allows photos and the ads are far more desctiptive than ads where landlords pay by the word, it's a very useful tool. Use the search feature to make similar parameters and return all ads rather than just looking at the new stuff.
The lack of laundry facilities would mean that if I were looking for a rental I would not look at it. About 15 years ago I vowed I was done with doing wash at public laundromats. Many rentals have washer and dryer or at least a washer. Of course if your rental doesn't have the plumbing hook-up, that would up the cost of adding a laundry. And there may not be the space to do it.
From the size it seems your target tenants aren't families, and may even be singles. I know more men who are not fussy about how they wash clothes. Personally, I have clothes that will be killed washing them in commercial machines, so it's not just the hassle of the laundromat, the inconvenience of doing wash once a week, but being able to care for my stuff properly. You will need someone who is not too fussy. You might consider that the tenant who is fussy about laundry may be meticulous in other ways. Point being that by not offering laundry you are eliminating a whole subset of potential tenants who live by certain standards. Even though I made a comment about some men not caring about what machines they use, my ex-husband who is willing to rent a tiny studio and puts up with a lot of shortcomings in a place, will still not look at a place where there is not some on property laundry facility. He will share machines, including a co coin-op for multiple tenants, but he will not go to a public laundromat for all his laundry needs.
It's something to think about. If you could even offer laundry hook-up. a tenant could then buy a used washer. I think there are stack washer/dryers that don't require a 240 outlet.
As to pricing it out without a laundry, it's hard to compare to having a laundry. It's a whole lifestyle difference that is far more than the cost of using a laundromat. I would say at least a couple hundred a month. I think the laundry issue changes rental value a great deal, but it probably affects assessed property value negligibly, if at all (if you are using the 1% rule).
Best of luck with this. I mean my laundry feedback to be helpful, not a criticism of your rental. I think it would be well worth an upgrade if it is a cute rental that has a lot of appeal.
The lack of laundry facilities would mean that if I were looking for a rental I would not look at it. About 15 years ago I vowed I was done with doing wash at public laundromats. Many rentals have washer and dryer or at least a washer. Of course if your rental doesn't have the plumbing hook-up, that would up the cost of adding a laundry. And there may not be the space to do it.
From the size it seems your target tenants aren't families, and may even be singles. I know more men who are not fussy about how they wash clothes. Personally, I have clothes that will be killed washing them in commercial machines, so it's not just the hassle of the laundromat, the inconvenience of doing wash once a week, but being able to care for my stuff properly. You will need someone who is not too fussy. You might consider that the tenant who is fussy about laundry may be meticulous in other ways. Point being that by not offering laundry you are eliminating a whole subset of potential tenants who live by certain standards. Even though I made a comment about some men not caring about what machines they use, my ex-husband who is willing to rent a tiny studio and puts up with a lot of shortcomings in a place, will still not look at a place where there is not some on property laundry facility. He will share machines, including a co coin-op for multiple tenants, but he will not go to a public laundromat for all his laundry needs.
It's something to think about. If you could even offer laundry hook-up. a tenant could then buy a used washer. I think there are stack washer/dryers that don't require a 240 outlet.
As to pricing it out without a laundry, it's hard to compare to having a laundry. It's a whole lifestyle difference that is far more than the cost of using a laundromat. I would say at least a couple hundred a month. I think the laundry issue changes rental value a great deal, but it probably affects assessed property value negligibly, if at all (if you are using the 1% rule).
Best of luck with this. I mean my laundry feedback to be helpful, not a criticism of your rental. I think it would be well worth an upgrade if it is a cute rental that has a lot of appeal.