First Rental Costs / expenses

[Elias Hibbard]

Can someone please provide a list of all costs and expenses for acquiring a first rental. I am looking for a 2-3 family to occupy and rent out the other units.

I am curious about all initial costs as well as monthly costs for factoring in when trying to decide how much rent needs to be in order to make money

So far for down payment closing costs I am considering

-Down payment (3.5% with FHA)

-first year taxes (school/county/maybe Village)

-Lawyer (in upstate ny so have to have a lawyer)

-home inspection

-appraisal

-home insurance (is 1 year of insurance payment due upfront?)

-liability insurance (is this due up front too?)

-uhaul (have to get my couch and bed from point A to B after closing)

Monthly cost I am currently factoring in:

-Mortgage (including escrow for taxes/home insurance/liability insurance)

-Utilities(water /electric/ gas)

-trash pick up (is this separate or included service that comes with paying taxes?)

- 8-12% for possible management company in the future

-8% for repairs/maintenance (should this number be higher or lower)

Anything I may have missed or any insight on what I have listed? Please and thanks! 🙏🏽