Maintenance costs too high?

[Tara G.]

I have been renting single family homes. This is my first foray into a multifamily home. I have not spent more that 5% on maintenance on
single family. I do fix most of the minor leaks and repairs on my own.

Is the 16% on maintenance in the proforma un/reasonable?

Thank you for your feedback,
Rye
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Gross Rent Income = 100%
Vacancies
vacancies apts
move in concessions
skips and bad debts
Total Vacancies = -10%

Laundromat
Tenant Charges
Application Fees
Cleaning/Damage/Paint
Late/NSF/Legal Fees
Forfeits/Lease breaks
Pet/Key/ID fees
Total Other Revenue = + 0.8%

Management Fees
Manager Salary
Manager Rent Free Unit
Legal Fees
Auditing Fees
Bookkeeping and Accounting
Management Total = 8.2%

(All utilities are paid by tenant. This is to cover common areas)
Utility Expense
Electricity
Water
Gas
Sewer
Total Utility Expense = 3.1%

Supplies
Apartment cleaning
Carpet cleaning
Extermination
Grounds
Painting
Plumbing
Other Maint/Repairs
Garbage /Trash Removal
Heating and Cooling Repairs
Total Operating & Maint exp = 16.6%
Real Estate Tax
Property and liability insurance
Total Taxes = 8 .1%

Net = 57.9%

[J Scott]

Originally posted by Kenneth LaVoie:

I am only a "two year" newbie...

That means that thread was started THREE YEARS before you started investing...

Not that big of a deal, but for everyone's benefit, let's try to start new threads if the information is interesting enough to open up a several year old thread...