You can see the rental market on your area by going to http://www.rentometer.com. It would be better to hire a property management as the tenant's law in the city might overwhelmed you.
All the best for the house rental.
Please let us know if you have any questions.
Using Realtor who is also a leasing agent, like myself, is a good choice for you, since we are familiar with not only the sales market but with rental pricing and how the rental market is doing as well. As Aaron mentioned, when you engage a leasing agent, we help you prepare the home for rent, evaluate your competition and create a rental price that will help you get your property rented quickly, advertise the home in all the necessary places to drive traffic and interest show the property via private appointments as well as open houses, and then help you verify and evaluate the applicants. Once you have chose a qualified renter, we then use the proper lease and execute the lease, collection of move-in money (deposit and first month's rent), and manage the move-in.
If you want property management assistance beyond that (being the main contact for the tenant, managing rent collection and house bills) then you could engage a property manager afterward who you would pay monthly to be your person on the ground. Since your son is living on the property, you may not need or want a full time property manager. But you may want help finding the perfect tenant and getting the best rent possible, and that I would be happy to help you with.
Feel free to give me a call if you have any questions,
McGuire Real Estate BRE #01439156
Sales | Leasing | Relocation
I love the property on Justin Drive! It's such a great little pocket neighborhood, a real city gem! I saw you had a lot of additional follow up questions to the initial answer (which gave a lot of good information). From a Realtor standpoint, you'll want to use a property management company instead, not a Realtor. They will be able to get the place cleaned up, rented out, and collect rents/upkeep on the building without much of your involvement, which is always great. They are paid a percentage of the monthly rents (anywhere from 5-10% is typical).
One question I have for you however, is why wait 3-5 years to sell? While the rental market is heating up right now, if you have the ability to sell your home as vacant (no tenants) that is IDEAL! You can get a huge premium when selling a home vacant, and with the way the real estate market is right now, everything is selling in a matter of weeks. If you want a free and no obligation analysis of your home, and what I think you may be able to sell it for, please feel free to call or email me. I'm always happy to help anyway that I can. Let me know if you have any additional questions as well. Hope this help!
Realtor, Vanguard Properties
To get an idea of how much your house should rent for. Check out rentometer.com. This can give you an example of how much rents are going for in your area with similar beds and baths. In regards to updates done, amenities you'll leave with the home, as well as location - this will add value to your rent. It's also best to get an opinion of a property manager that goes in and will let you know how much it can market at. Usually rental times is max of 3 months and min of 1month before you move someone in.
It's also good to check at websites like craigslist or hot pads to get an idea for the rents within your area so you price it right and competitively.
Contact me if you'd like more information. Thank you.