We are often asked by our clients for recommendations to sites for analyzing whether a particular property would make a good investment or not. Here will will share some free* resources we frequently use to get a quick idea of whether or not the property is worth pursuing.
If the rental market where the property is located won’t support the rent you would need in order for it to cash-flow, then why waste any more time? Rentometer offers a quick glance at the current and historical rents of similar properties in the subject property’s neighborhood. Simply enter an address, your guess at what your believe the rent should be, the number of bedrooms, and click “Analyze My Rental!”.
Note: The free version limits your daily amount of searches available, but for a reasonable month-to-month fee, you will unlock many features and unlimited searches.
Familiarity with the subject property’s neighborhood is crucial to investing wisely. Being unaware that the neighborhood has a relatively high vacancy rate or a significantly high crime rate could negatively effect your tenant demand. When you are aware of the challenges of a neighborhood, you will anticipate them in advance and be able to better address them when they present themselves. With trusted data on a spectrum of neighborhood statistics, Sperling’s Best Places is a must-have site for your favorites.
An often high-priority for renters with children is being within a good school district. It is not uncommon to find renters will often pay more for a property and often forego other amenities in order to be within a particular school district. At greatschools.org you will find a handy resource for researching schools within the neighborhood based on their proficiency ratings compared with state averages.
Another site that overlaps some of the features of #2 and #3 is neighborhoodscout.com. Here you will find helpful resources including crime maps and school information. Although the site charges a subscription fee to unlock its full potential, good information is available for free, albeit limited.