Monthly Expense Figures- Maine

[Sarah Camic]

Good morning,

I am looking for some input from landlords in the central Maine area. 

In an effort to practice property analysis I need some monthly expense figures.  How may units do you have? About how much are you paying monthly for: electricity, water & sewer, PMI, garbage, HOAs, monthly insurance, and management fees (and anything else I left out)? Any additional helpful information is welcome.

Thanks in advance.

[Ryan Murdock]

@Sarah Camic

I'm going to echo what @Bernie Huckestein mentioned. 

You need to account for: 

Lawn care ($25-ish x 20-ish mows per season)

Snow removal ($25-ish per plow x 20-ish plows per season)

Water/Sewer: ~$240 per quarter

Heating oil: Stated oil consumption in the listing is 730 gals annually - I'd confirm this with the fuel vendor if you can. Play it safe and budget $3/gal. That's $2190/yr and remember you're paying 90% of that in the 6 coldest months of the year here so budget accordingly. 

R&M / Capex : The building appears to be in okay shape from the pics but one heavy turnover can easily cost $3-5k or more. Are you prepared for that if it happens in the first couple months?

Management: I'm guessing you will be self managing? Many will say you should still factor in a mgmt fee. Up to you.

Hot water heaters are elect and the tenants appear to pay their own electric bills. 

Stated rents are $1350/mo which differs from your number slightly. Not sure which is accurate or even if those are market rents for Waterville. 

Hope this helps..