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NW IL | You should probably be charging more than you think.
One way we have done it:
Figure out the 30 year mortgage cost if you bought it with 20-40% down.
Add taxes and insurance.
Add replacement cost for HVAC, roof, water heater, paint and new floors and maybe a couple of other appliances every 15-20 years.
Add a little for "profit."
That's the general idea of how we decided to price our rentals. It's a bigger number than you think, but it's really the only way to make sure you don't go backwards in maintenance.
Another option, depending on how far you are from a hospital or wind farm. Put it up on Furnished Finder or Air bnb as a short term furnished apartment. Use similar calculations as above but figure based on only being occupied 8-9mo a year to give wiggle room.
OR if your church has the energy, you could use it as a guest house. Let the community know that if there are funerals, weddings, or family reunions with people travelling from out of town the house would be available for either a rental fee or a donation depending on how charitable the church feels or financially flexible they are. Won't get used as much but most small towns don't have hotel type options, and it could be a good way for the church to connect with people in town. | |
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Parsonage Rent
