Estimating expenses for expensive properties

[Van Wagner]

Hey everybody, I'm a new investor in the Denver area and have a questions that I just can't seem to find a good answer for. I'm wondering how you estimate expenses for properties that are more expensive, around $400,000. Obviously the 2% rule breaks down for properties of this value and it seems like the 50% rule should too, but I'm having a hard time figuring out what this figure should be instead. According to the 50% rule the property that I am looking at should have $1150 in expenses per month which is totally unreasonable. Instead, I'm assuming 5% of the rent (~$2300) in expenses per month along with $150 per month in CapEx for a total of $265 per month in maintenance. I'm making these assumptions for a deal that on a 1500 sq. ft. single family with 3 beds and 2 bath that is recently redone with a new roof, no foundation issues, and is in relatively good shape. For that reason I'm still having a hard time believing that I'll be spending $265 per month on expenses. Do any of you have any idea what a good assumption would be?

Thanks!