Question about closing costs?

[Patrick McCracken]

Hi, new Pro member and have a question about the rental property calculator. I'm trying to figure out what needs to be included in closing costs. I see a lot of people use a low % (2-3%) for closing costs but shouldn't it be your first year taxes + closing costs? Example: I'm looking at duplex's in the 100,000 range. Taxes on the properties are around $4,000, and the typical closing costs + points are around $6,000. That's around $10,000 in closing costs, which is 10% of the purchase price. Obviously very different than the 2-3%.

Any insight would be greatly appreciated...thanks!