Realistic Expense Calculations?

[Anh Nguyen]

Hey! I'm looking to invest in the Cleveland area and am wondering if my expectations are realistic or if I need to adjust anything. Thanks!

Property Type: Duplex 

Rooms: 4+

Class: C +/-

Condition: No renovations to minimal (<$10k)

Budget: $150k

Areas of Interest: Old Brooklyn, Shaker Heights, Euclid, West Blvd, West Eighties, Cudell, Detroit Shoreway

Home Price	100000			Home Price	125000			Home Price	150000
Total Rent Price	$1,600			Total Rent Price	$1,800			Total Rent Price	$2,000
Mortgage Principal	20% down	222.22		Mortgage Principal	20% down	277.78		Mortgage Principal	20% down	333.33
PMI	0	0		PMI	0	0		PMI	0	0
Homeowners Insurance	1000/year	83.33		Homeowners Insurance	1000/year	83.33		Homeowners Insurance	1000/year	83.33
HOA	0	0		HOA	0	0		HOA	0	0
Property tax	3%	250		Property tax	3%	312.5		Property tax	3%	375
Interest		290		Interest		366		Interest		440
Repairs	1%	83.33		Repairs	1%	104.17		Repairs	1%	125
Utilites		0		Utilites		0		Utilites		0
Property manager*	15%	$240		Property manager*	15%	$270		Property manager*	15%	$300
Total Expenses		1168.89		Total Expenses		1413.78		Total Expenses		1656.67
Cashflow		$431		Cashflow		$386		Cashflow		$343

*included lease fee and rounded up from 12.8%

[Drew Sygit]

PMC will be 10%, not 15%. 

Who's going to pay for water on the duplex?

You should ahe something for Vacancy.Utility (while vacant)/Tenant-nonPerformance.

Also, who's going to cut the grass and shovel snow at the duplex? The tenants won't!