I'm building a new house and was told to get builders insurance. 

Be aware that tennats will often refuse to pay their last months rent when leaving so be prepared to begin th eeviction notification immediately to allow you to collect and insure they are out as agreed.

. $58 a month seem a bit high for insurance also.

It's likely to cost you much more than a standard eviction and will "reward" the tenant for their bad behavior.This is an example of how hiring an amateur can be far, far more expensive than hiring a professional.

However, I also look at expenses per unit (as a secondary examination), to see if there is anything out of order (e.g. market insurance is $200-$300 per door, and even if the overall expenses are 50% of Gross Income, but insurance is $420, than I look into it.

@Tanner Micheli, wherever you try to BRRRR, the numbers would still require you to (all-in) bring it up to ARV standard for no more than the percentage of ARV that your Lender (using their appraisal) will lend you.

Bernard•-Akita•-Wolf hybridsUnfortunately, these are prohibited for insurance reasons.

For example, let’s say there’s a condo that is 140k with a $1000 mortgage (including HOA, expenses, taxes, insurance, etc.).

My husband still works full time by choice construction, and for health insurance. 

After all expenses(Tax, Insurance, Bank note) I’m looking at $484 being the break even.Looking to loan out $54,000 to cover buying the house, paying for the update and getting a little cash in my pocket to put towards another rent house on the same street.