What is a fair monthly rental rate to charge for this property?

Asked by Dave, North Canton, OH Mon Jul 5, 2010

New property on cul-de-sac, 3300 sqare feet 3 bdr, 3.5 bath, finished walk-out basement that overlooks lake

This question is about this property: http://www.trulia.com/property/1085511256-8858-Serenity-Dr-N…

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Wed Jul 7, 2010
Hi Dave, according to your link, the home is off the market, but was up for sale in the last year for 399K. It is a great looking home, I was surprised to see it was a condo.

If we assume it sold in that neighborhood, 400K is around 2200-2500 dollars per month at 5 and 6% respectively. Add taxes and condo fees, you are probably looking at a mortgage payment near 3K. So I would guess a fair rental is somewhere between 2200 up to 3200, if the home was purchased in the last year.
Jim Ryan, Home Savings of America, 703 591 5626 ext 419.
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