Calculating Expenses as a First Time Investor

[Desiny Smith]

I've recently been pre-approved for an FHA mortgage. Right now I am looking for a foreclosed or vacant multi to fix in the city of Albany, NY using the 203K product as well as city grants and then refinance (aka the BRRRR method).

As a first time investor, I want to make sure that I am not only accounting for all of my expenses, but using the right numbers. Below is a list of expenses I have so far. Have I left anything out and more importantly, are the numbers that I am using reasonable?

Expenses:

Electricity: (Tenant will pay)

Gas: (Tenant will pay

Water and Sewer: (Not sure what the laws are for Albany but will be billed to the tenant if possible)

Garbage: $180 per unit / 12 months = $15 x 3 units = $45 per month

Hazard Insurance: $41.67

Mortgage Insurance: $64.66

Property Taxes up to $5,000 annually: $416.67

Property Management (Will be managed myself but will still account for it): $150

Maintenance and Repairs (5% of monthly income) : $150

Lawn/Snow Removal (Without property management): $50

Total Expenses: $918.00

Operating Expense Percentage = 36.7%

Other Expenses:

Principal and Interest: $433.81

Capex: $300

Total Other Expenses: $733.81

Note: I ran the numbers like the house was a 3 unit but it is a 4 unit. Since I will be living in one unit I did not include it.

Thanks!