ACTUAL Repair and CapEx Costs?
Hi,
I've been looking for a property for about 8 months now and am now getting very close to purchasing a place. I've learned a ton in the past 8 months and have focused on "doing the math", and I have pretty ridiculously kick-*** Excel spreadsheet to analyze properties.
One thing that I'd like to improve in my spreadsheet is switching the 10% I have for "Repairs & Maintenance" and the 5% I have for CapEx (Contingency/Emergency/Surprise Issues) and flesh out actual numbers on the properties that I am serious on making an offer on.
Because, I'm looking at a range of properties, some are in superb condition or flips while others are pretty damn old. I want to be able to get more accurate numbers instead of just a percentage.
SO, could you guys help me with a list for Repairs and CapEx, as well as average repair/replacement costs, as well as average lifespans.
Example:
Fridge - 10 Years - $800 Replacement
Hot Water Tank - 7 Years - $1,000 Replacement
Roof - 20 Years - $10,000
You get the idea. My plan is then to go down the list one by one and take the remaining life on the list and "do the math" to find out what that will cost me on an annual and monthly basis.
I just don't want to miss anything and also don't know the lifespans and costs on most of this stuff and need your help!
Thanks!
I'm sure it will help many others too!
Tyler