Estimating M & R and CapEx for 3 family in Portland, ME

[Jon Christensen]

Hi folks,

I am still in the education phase of my real estate journey but have started networking with friends who are also interested and would like to take action soon. I have a buddy who grew up in Portland, ME (we both live outside Boston) who has an off market opportunity on a triplex in Portland, Maine built in 1900 that I might be interested in partnering on. All units are identical with 2 beds, 1 bath, 1000 sq ft. Location is in a B area within a mile from downtown. This is a changing neighborhood. There are section 8 rentals  in the surrounding blocks and a new affordable housing apt building being built down the street. Some homeless drunks. Also - hipsters, coffee shops, a brewery, and Ramen noodle shop nearby. All units are renting for $1100 currently. We are trying to analyze the numbers using a spreadsheet downloaded from BP. I currently need help with 2 estimates:

1. Maintenance & Repairs per unit (not prop mgmt)

2. CapEx per unit

Are there any other northeast/new england landlords investors, property managers, etc that have experience with these older northeast properties who can give me some dollar amounts to plug in? I understand these would be estimates. We already know there will be some up front CapEx expenses we will have to shell out right off the bat. My plan is to hopefully get some general numbers from the BP community and then factor in the remaining lifespan of the roof, appliances, etc.

Any feedback is truly appreciated!  

[Jim Shiminski]

Jon. I live just outside Portland and have invested in multi units in Portland in the past. I am currently looking but multi units are pricy now and don't cash flow well. The big concern and the first thing that I look for are separate utilities in these older buildings. They are usually tight buildings and typically have older windows. Heating costs can be really crazy high. Right now we are paying unusually low costs for energy but that won't be for long.
Check the age of the heating system. They can get expensive on these older buildings.
What is the area in Portland. I would be happy to comment on which direction it's heading in.
Cheers. Jim