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Waypoint Real Estate Group buys houses with the intent to rent them for a given number of years. To date, we have bought close to 800 houses, and we are rapidly expanding our business to new geographies.
A key challenge for us is to accurately underwrite rent for a given house we are considering. We currently do this via two methods:
1: We have a Rent Function, derived from a limited multi-variant analysis of our own data from houses that have rented within our portfolio, that tries to predict the Rent for a house based on it's Value, Location, Bedrooms, and Square Footage.
2: We have humans who 'override' this function and set rents based on their own knowledge of the market
Over the last 3 months, over 95% of the time our Rent Function is overridden. The average of the absolute value of the overwritten deltas is 3.88%.
We want to greatly reduce our dependance on humans to estimate rent by improving the accuracy of our Rent Function.
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