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what is the formula for computing montly rental of a duplex?

Posted on 2013-11-24
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Last Modified: 2013-11-24
Hello and Good Afternoon Everyone,

            I have a friend of mine who is interested in continuing to rent half of a house with a private entrance following its sale by the landlord.  The half which is of rental interest is very small.  It only has one square room which is treated as a living room, kitchenette, and bedroom.  There is a tiny private bath and shower in addtion to a tiny closet area.  I am assuming if there is a formula used in computing an estimated monthly rental on such a unit, the total square feet of this unit will be needed.  Also, this small duplex is old as well and in need of some repairs.  Electrial, water, and internet are still on and working.  

              If someone could share to insights regarding what this person can expect to continue paying for this duplex, it will be greatly appreciated.  I guess this question falls more within the category of real estate which I know very little about.  At the moment, my friend is paying $420 which covers monthly rent, utilities, water, and nternet access through AT & T DSL.

               Thanks so much in advance for any help given.

               George
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Question by:GMartin
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4 Comments
 
LVL 24

Assisted Solution

by:aadih
aadih earned 50 total points
ID: 39673293
Location? Look in the widely-circulated local paper for recent sales and rentals, etc, to get a realistic answer to your question.

No formulae. Sorry.
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by:ozo
ozo earned 50 total points
ID: 39673298
Generally the formula would involve comparing the unit to to similar units in the area.
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Accepted Solution

by:
aburr earned 400 total points
ID: 39673415
There is no formula such as you seek. A reasonable rent depends entirely on the location.
In Marin, CA or New York City the rent is cheap. If in Hatch, NM it is much too high.
Look at the local want ads or consult with a local real estate agent. (ask at a small motel to get a ball park figure.)
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Author Comment

by:GMartin
ID: 39673593
Hello and Good Evening Everyone,

           Thanks so much for the suggestions given to my question.  After talking with an old high school buddy I graduated with who also is a real estate agent, I now have more information to go on.  He did give me several pointers including looking into having my friend to check into pre-qualifying loans offered by morgage lenders or bankers to purchase a home because interest rates are very low at the moment.  I will be talking with him further to get more information.  

             Thanks again everyone for your time and attention to my question.

             George
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