The subject property is a 3 bedroom 2.5 bathroom townhome in Redondo Beach, California, USA, in Los Angeles County. We want the rental value of 2 bedrooms in the home. The 3d bedroom is already rented for $800.
– Master Bedroom.
– On 2nd floor
– 2 closets (1 walk-in)
– Vaulted ceilings
– Balcony at front of home with 200 degree view, can see for miles over beautiful residential neighborhood .
– Hallway in bedroom leads to Master Bathroom.
– Tenant can walk to bathroom without leaving the bedroom, or walking out into the public areas.
– Twist: The bathroom is partially shared, but only by one other tenant who takes a 15 minute shower once a day. He does NOT go in there at random times to use the toilette. He uses the toilet in the half bathroom downstairs.
– This Master Bedroom tenant uses all 3 of the home’s parking spaces, including 2 indoor parking spaces and 1 outdoor parking space (that blocks the garage door entry to the indoor spaces)
– This tenant is also taking up space by filling the entire Livingroom floor with unused computer equipment
– 2nd floor
– 1 closet (not a walk-in)
– Regular ceilings (not vaulted)
– No balcony
– Has access 2 a 2nd bathroom, but Tenant can NOT walk to bathroom without leaving the bedroom. He must leave the bedroom and walk out into the public areas to get to the bathroom. This bathroom belongs to that bedroom at no extra charge, by prior agreement.
– Twist: Tenant in this bedroom uses a nearby bathroom and is the only one who uses this bathroom. In this sense, the bathroom is “private” (though access to the bathroom is “public”).
– This tenant has NO parking spaces
We will provide the square footage of both bedrooms, bathrooms and Livingroom floor.
Will provide the total rent for the home and an address. We want to compute the rent for the Master bedroom compared to the other bedroom as a proportion of the total rent. So if a nearby home rents for $4,000 and the Master Bedroom rents for $2,400 and the subject property rents for $3,000 per month, then the rental value of the Master Bedroom might be scaled like this: ($3,000/$4000) * $2,400 = $1,800.
We want comps from any relevant source including but not limited to the MLS, Rentals.com, Rentometer.com, and rooms for rent on Zillow.com, craigslist.com and any other source that might be useful.
Ultimately, it is important to know how much the Master Bedroom (and bathroom, parking spaces, and living room storage space) is worth compared to the other bedroom and bathroom.
Scenario 1: In an alternative scenario, assume the 2nd bathroom does NOT belong to the 2nd bedroom at no charge. What is the rental value of the exclusive use of this 2nd bathroom?
Scenario 2: we also want an alternative evaluation if the Master Bedroom uses just one indoor parking spot and the other bedroom uses the other indoor parking spot (and nobody uses the outdoor spot blocking the garage).
Scenario 3: We also want to know the values of the bedrooms and bathrooms if the 3rd tenant stops showering in the Master Bathroom and instead showers in the other full bathroom.
Scenario 4: And for a final scenario, what the relative rental values are if the Master Bedroom occupant clears the Livingroom storage space on the floor, or if they cut the space in half.
Another factor is that the Master Bedroom tenant brings an undesirable visitor onto the property. How does this increase the amount he should pay for the Master Bedroom? He also causes noise pollution after 9:00 PM at night. How does this increase the amount he should pay for the Master Bedroom? He is also verbally and emotionally abusive. How does this increase the amount he should pay for the Master Bedroom?
Again, we want to bolster the estimates with comparable rental data in the surrounding neighborhoods.
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