Seeking Advice: Bath Maine Duplex

[William Wironen]

I think i'm being pretty conservative on some of the numbers given the area but would like a second opinion on this duplex in Bath, ME.

Notes:

• Currently renting for $940 per unit but given the craigslist/rentometer data, could easily rent for $1100-1200/mo
• Management costs are set at 9% in the given scenario but we may be able to find lower costs/fewer features
• Estimated water/sewer costs based on usage in the area and recently updated rate tables

Any help or advice would be appreciated. My overall thought: try to get the property for less (I know, right?) and ensure the monthly rental rates at $1,100/mo are achievable with current tenants.

Thanks,

William

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*This link comes directly from our calculators, based on information input by the member who posted.

[Ryan Murdock]

@William Wironen

I'd strongly suggest you include at least some heating fuel, electricity, lawn care and snow removal expenses in your analysis. Even if the utilities are separated per unit and the tenants pay them you'll be on the hook for all of them if you have a vacancy in the winter, which you eventually will. 

You might also want to throw something in there for attorney fees when a tenant needs to be evicted.

...and $480/yr for insurance? Sounds very low. Did you get an actual quote? I would have guessed at least double that amount.