Move In or Move On
Below are my numbers for a property. Figured 2 months for fix up of all units including 2 units ready in 1 month max., and another 2 ready in 2 months (conservative). This will be an owner occupied for 1 year while collecting rent of 400 for one room in the owner apartment (this renter is available if I land the property in one month).
Purchase price- 175000 (203k loan amount not included but shown below)
Gross Rent- avg 2000 first year (2800- yr 2 after owner occupant moves)
Vacancy- (10%)
Net rent- 1800 and 2520 (conservative- similar property within blocks rents for 1150/mo)
Expenses- 203k loan for 20k? What is your take on an expense fund and the items to be included?
Mgmnt fee- (200) , (280)
Maintenance Reserve- (200), (280)
Utilities- 0
Taxes- (138)
Insurance- (125)
Other Expenses- 21
There must be something I'm missing here. Please help!
Gervy