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Updated almost 8 years ago on . Most recent reply
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Super high utility costs
I am in contract on a property I initially intended to buy as a rental. It is also a possible flip. The house is vacant. I don't know for sure how long but it seems like it has been a while. I called WE and learned that the average cost of utilities combined is $397/mo. Over a 2 year period, electric had a max of $240/mo and gas had $566/mo. That seems like it would kill any chance of cash flow as a rental. My prelim cost+repair estimate is just over $60k all-in (that includes about $3k for windows). Rent would be $1000+/mo.
The windows are old and there is a large living room with a very high ceiling. Another room has a wall of windows. A tag on the boiler says it was installed 2016. Any suggestions on who I should contact to evaluate the cost of doing enough to reduce the utility costs to a reasonable number?
The property is just north of Silver Spring near 34th. I am wondering if there is any chance I could rehab for renting rather than flipping.