We have been working with one of our Owners on updating their ashland property for rent. We took this ashland property management project on a couple weeks ago. This specific house had been rented for about 5 years with a single Tenant. In that time, the Owner had not seen the outside or inside of the house that entire time.
The property was not that bad, all things considered. Basically there was about 5 years of grime, that built up and no upkeep or routine cleaning had occurred in the mean time. That means no windows had been cleaned, blinds, screens, grout, etc. in 5 years. All that leads up to the following:
– every wall int he house had to be painted
– all rugs had to be replaced
– many door frames, doors and trim had to be replaced due to a dog scratching
– all screens had to be replaced
– numerous windows were cracked and had to be replaced
– all kitchen grout was deteriorated and nasty, we removed existing and replaced it
– kitchen cabinets had to be sanded and re-stained
Believe me, we are all about spending as little as possible to get yours (and our) properties rent ready again. In this case it is just grimy and nasty to the point of being a slum lord if you rent it as is. You could rent it out as is, but it will likely sit vacant for an extra month, or longer, and you will more than likely get less for rent for this property.
Now Ashland is a bit higher of a demand for rentals compared to the medford property management rental market, but even with that, with this level of just overall dirty, it can take a while to rent out.
When you consider that, in this case we are asking $1,700 / month for rent. So if the unit stays vacant an extra month, then that is $1,700 out the door that you could have put down towards your rental. Obviously this project took a bit more than $1,700 to rehab, but the point still stands. It could take you even 2 months, especially in the current fall/winter market. The demand for rentals are not as high right now and god forbid the rental is still vacant through October/November. At that point it might sit vacant for 3 or 4 months, unless you a re willing to sacrifice a significant price drop to get it rented.
In any case, some of the biggest take aways from this post is that you need to perform continuous routine maintenance on your rentals to prevent extended periods of vacancy down the road.
We just rented the property out with a 1 year lease for the $1,700/month with a very highly qualified Tenant.
Please call Asurent Property Management Medford if we can help you turn your property around in a very short time. 541 816-4140