Tom
I think what Dennis is getting at from what I saw on your numbers is your calculations for Vacancy, Property Management, Maintenance & Repairs, and Capital Expenditures. Up front I only have one investment property so far but this is from my experiences, I'm hoping to add at least 2 more in 2019. Depending on the area vacancy rate may be a bit low, the best way to be for certain would be to call at least 3 property management companies in the area and ask them for vacancy rates in the area and average that out. I pay 10% for property management, I've seen alot of people find a place that does it for 8%, if you find a place that does it for 5% you may want to do a deep dive into how well they manage, I'd question how well of a job they are going to do managing your property if they are only making roughly $55 a month on it, I have had tons of issues with mine and I pay them double that, it's just not alot of money for one property, especially if it's a duplex. For maintenance and repairs, is your property asl SFH or duplex, if a duplex you are charging less than $600 a month rent each side from what I saw, tenants in that rent spectrum tend to come with higher maintenance costs because they are less inclined to take ownership of the property (this is just from what I have learned about the business so far), it wouldn't hurt to budget a couple extra dollars in this area, especially for when the move out, if a SFH I think that's a good number. Last in terms of Capital Expenditures, as you stated the house is over 100 years old so these may need to be higher, the older the house is the more I would factor in for these, my house was built in 2010 and I had to shell out for a carpet because it's lifecycle had run it's course, I didn't budget for this properly initially and it came back to burn me. Hopefully this helps out some.
Andrew
