Closing Costs Expectations

[Stryker Brown]

What's a reasonable number to expect/project on closing costs for a rental property. I am buying a duplex for $110,000 and the mortgage broker just quoted me $8,500 in total closing costs. This seems quite high to me... Am I off base in thinking that?

[Nathan Gesner]

There are a lot of variables involved. Prepayment of taxes, HOA fees, insurance, points, etc. In my market, 1-2% of purchase price is pretty normal but there are too many variables to nail it down.