Taxes are  $10,500/year and insurance is $3,450/year.

Would love to get some feedback on these numbers.FACTSFully occupied 3-unit MFH: 3 x 1br 1baAsking price $149kGross rent (not verified, based on the median rent in the area according to Rentometer): $2400/monthTenants pay all utilitiesAnnual taxes: $3,578.26; no unknown unpaid taxes nor liensNo HoA feesAnnual insurance (guestimate): $8002% rule: 1.66%50% rule: $646/month Calculations made with the current asking price, no rehab costs, $5k closing cost.

HelloSo I'm using the rental property calculator and I never really know what to put in for the property insurance number...

I've sat in that courtroom way too many times now and watched many homeowners and landlords go through it.   

Would I need to carry my own insurance?

All the essentials are in place like insurance, home owners warranty (already rehabbed but carrying as a precaution) and taxes paid.

What are the annual property tax and insurance costs?

Do I need to buy land insurance? 

Joe I see this as highly regional.. when we were flipping in Dallas almost all appraisals came in low and we had to negotiate.. it was frustrating and since the homes were FHA buyers they no had any more money to make up the delta.. and with the uber high tax's there you just have to let them go and make less or break even on the flip.. we just were not efficient enough to compete there.In Oregon and Charleston were we do true NEW construction for retail in the 450 to 2 million price points.. we have not had one appraisal come in low.. they come in at our sales number.. and this last community we built.. the exact same house we built the year before on the same size lots we sold for 75k more.. and they still appraised.. that's good appraisers keeping up with rising markets.. in Texas it was not that way the appraiser were not tracking the rising market like they should have.For the average homeowner to use this strategy could lead to some frustration of making offers paying for inspections and appraisals and then trying to negotiate down only to have a sale fail and be out 1k or more and the time involved..

Kohler before setting up a business entity.7 Buy lots of insurance and then add a Commercial Liability Umbrella.