Condo Maintenance Expense Budget

[Robert Jordan]

Hi all - I’m a first-time investor located in Chicago who is still learning the ropes of underwriting. I’m looking to buy a 2/1 in the 350-400k range as a primary residence and rent out the second room as a first step into the RE world. My buying options are be limited to condo units for the area I will live in.

My question is: How much should be budgeted for repairs/maintenance for a condo unit, exclusive of HOA/Condo fees? I understand that there are some rules of thumb for other property types (1-2% of home value/year), but as common area maintenance is handled by the HOA, I'm not sure what number I should arrive at for non HOA items, like interior/AC repairs. Any insight would be greatly appreciated.