Rental Property inputs - south florida

[Nathan Olds]

Hey BP. I new to real estate and looking to invest in my first rental property in the coming months in South Florida. It will likely be a triplex in Pompano Beach or a nearby area with similar expenses. I have started analyzing deals but am unsure how accurate my assumptions are of the expenses. Below is what i am generally using. Any feedback on any of these would be greatly appreciated! =)

Closing costs: $3000

Electricity: $120/unit

Insurance: $300/mo

Water/Sewer: $30/unit

Garbage: $15/unit

Maintenance: 5% 

Vacancy: 5%

Cap Ex: 7%

Property management: 11%

Property Tax: 1.5%

[Tchaka Owen]

@Nathan Olds - Good move looking to pick up a triplex! My friend recently got one just north of Atlantic and several blocks west of 95. As for your numbers, they're not bad. If I were to tweak, I'd suggest the following:

Closing costs: $3000 - up this to $7000; unless you're paying cash, then $5000

Electricity: $120/unit - change to zero. Tenants pay their own electricity.

Insurance: $300/mo - Possible, but probably closer to $200-225. I have a great agent I can recommend.

Water/Sewer: $30/unit - Garbage usually goes with water/sewer. $50-60/unit is good.

Garbage: $15/unit - see above

Maintenance: 5% - cool

Vacancy: 5% - cool

Cap Ex: 7% - cool

Property management: 11% - 8% to 10% is what you'll find in the area

Property Tax: 1.5% - nope. 2.0% to 2.2% is the number. 

Hope that helps!