You should purchase an appealing property if you want to succeed in rental property management. Indianapolis landlords should know what to look for before they select their rental property so they can get the most out of their investment. You want a rental property that is so desirable that tenants will be competing to lease it. Here are some things to consider:
1. Location, Location, Location! And . . . Location!
More people will want to rent your residence if it is in a great location. Look for a property located close to shopping malls, grocery stores, gas stations, and restaurants. Gyms and fitness centers nearby are also a good thing. Close means no more than 20 minutes away. Most tenants will have some kind of commute to their work, so choose a rental property that is not too far from a freeway or a major road. Real Property Management Indianapolis Edge is the property management in Indianapolis that has the local experience to help you find the best locations for an investment property.
2. Nearby Schools (especially elementary)
There’s a good chance that tenants aiming to move into a single-family dwelling have children enrolled in the public school system. Look for schools that rank high on test scores and have a great reputation. Before renting, see if you can talk to other residents in the neighborhood and find out what they have to say about the school, the teachers, and the school district in general.
3. Find Out The Average Rent Rate
For a great rental property with long-term value, look in neighborhoods with lower vacancy rates and higher rents where values are appreciating. You don’t want to pay a whole lot more than a property is worth when you purchase, but you also want to be able to increase your rent rate every year if possible.
4. Get A Property that Includes “Must-Haves” for Most Tenants
- 3+ bedrooms
- 2+ bathrooms
- Fenced yard
- Standard layout
- Less than 15 years old
- Reasonable rent rate
5. Other Perks to Consider When Selecting Your Rental Property
- Lots of storage space
- A garage
- Master bathroom
- Open floor plan
- Good neighbors
Property management in Indianapolis is made easier with Real Property Management Indianapolis Edge. Our team of experts will help you purchase a rental property that will be well worth the investment. Contact a professional today to find out more.