Columbus Real Estate Forum
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 3 years ago, 04/13/2021
Good ways to estimate expenses and rent
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?