Think of it this way, someone is purchasing your property for a short time, i.e. renting it.
As a customer, they make all sorts of judgments as to the quality of the property. They may place condition well above location or visa versa. Or, any one of a hundred other elements of what is important to them.
You have a garage. In some places, that is rented out separately, or you can compete with other landlords by offering it with the property, and being able to collect more rent in turn.
You can try to contact other landlords in the area pretending to be a perspective tenant and check out price and condition of their rentals.
You can also take the taxes, insurance and repair costs, divide them by 12, double that amount, and that should be your rent, unless there are a lot of properties for rent.
As landlord, I know that 50% of your rent will go to expenses. Right now, I am running 55% as the expense ratio. This may sound high, but it is true. Also, in any year, you may not return that much in expenses, but that doesn't mean they haven't occurred. The roof only lasts 15 to 20 years, the carpet wears out, you need to paint the place, inside and out, etc., etc., ect.
My suggestion is that you don't rent to a friend, relative, a friend of a relative or a relative of a friend. You may have to toss them out, and that can create problems in your personal life. Mom is okay, if she takes care of things, if not, make an excuse.
Good LuckWHAT IS A FAIR RENTAL RATE FOR A HOUSE?
What people are willing to pay is the only way to establish a fair rental rate. If there are many houses going unused, rental rates will be low because people can find alternate houses cheaper. Look at what else is on the market and at what price and try to guess what someone would be willing to pay given what alternatives they have.
It depends on the neighborhood. In our area that would go for about 800 if the bedrooms are large and it has a small yard or a balcony or something. In my brother's area it would be about 600.
You would need to consult your local papers and local real estate agents to find out what ';fair'; is in your neighborhood.
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