How do you figure unexpected costs? Anyone In Jacksonville,Fl?

[Tyler Austin]

So, I am looking at getting my first rental property. I decided to go in Jacksonville, FL.

I understand adding insurance and everything into my figures, but what about unexpectd costs? 

It is a duplex, but only one side is for sale. I am still looking at other properties but I will use this one for my example. Here is the details.

The property is 109,000 asking price. 

Mortgage is $600

I can get about 1050 For Rental

That is a cash flow of $450.

How do you account for the unexpected costs? Do I just make a differant back account and put $50 in it each month incase the stove goes out or somthing? But that is not enouph. I do not plan on using my cash flow, and I will just put it in savings anyway for more property later. 

I have not looked into insurances in that area yet either, is there a certain insurance you need as a property owner that is renting out? 

Utilitites will be the renters responsibility.

I hope that was not to confusing. 

Also, If anyone is in jacksonville, Florida area or purchased there before, I would love to hear from you!