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Updated over 6 years ago,
Looking to Hire PM Company - Can't get good numbers
I currently owner occupy a 4 unit multifamily property in Dayton, OH (West Carrolton to be exact). I have too much going on in my life to keep managing it myself so I'm considering hiring a property management company. I'm having a hard time getting the numbers to work and I'm afraid I made a bad deal. I may just also be stressed about what I can and can't get for the rents. Currently I have a 1 bedroom rented for 600, an empty 2 bedroom, and another 2 bedroom rented for 580. I think I can get more for the 2 bedrooms, but I'm afraid that maybe I can't. I'm also afraid that maybe I just got lucky renting the 1 bedroom for 600. I'll list my income/expense numbers below. If anyone has any suggestions please let me know.
Income:
1 bedroom - 550
1 bedroom - 550
2 bedroom - 600
2 bedroom - 600
(I put my rental numbers at the minimum I think I can get. I might be able to go up but I'm having a hard time understanding my market/area.)
Total income: 2300
Expenses:
Mortgage/Insurance/Taxes - 1352
Maintenance/CapEx (10%) - 230
Water/Sewage/Trash - 220
Electric - 15
Vacancy (8%) - 184
Lawn Care (40/week averaged over the whole year) - 113
Property Management (10%) - 230
Total Expenses: 2341
This also doesn't include the one month's placement fee with the property management company.
I'm just not sure where to go here. If I can get another 50/unit I might be breaking even, just not sure. Any advice is appreciated.