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Updated over 3 years ago, 04/13/2021

User Stats

7
Posts
11
Votes
Evan Hamamoto
  • New to Real Estate
  • Columbus, OH
11
Votes |
7
Posts

Good ways to estimate expenses and rent

Evan Hamamoto
  • New to Real Estate
  • Columbus, OH
Posted

Hello BiggerPockets!

I am a 23 year old looking to buy my first duplex for a house hack in Columbus, OH. I understand the different expenses and revenue involved in real estate, but I am not sure how to get good estimates to use for analyzing deals. Here's what I've found so far:

Rent: Utilize fair market rent numbers, rentometer.com, check local listings

Closing costs: 2% of the purchase price?

Insurance: talk to an insurance agent

Taxes: 1.48% for Columbus according to Franklin County website

Capital Expenditures: 10% of rent

Repairs and maintenance: 5% of rent

Property Management: 0% since I will be self-managing

Vacancy: 5% (that's about 18 days per year)

Utilities: Tenants pay for electricity, gas, and water

HOA: depends on the property

Are there any expenses I am missing?

Also, are these reasonable estimates?

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