Rental Property Investor · Member since 2019 · 137 posts · 42 votes
Hi everyone,
I am trying to understand more about the cost of investment in Tampa FL. From research, I have gathered the following information. I would like to understand more from experts in the forum if my understanding is correct and what I am missing.
Other than the monthly mortgage, I have to consider the following costs.
Property tax: it is likely to be around 2%. If I use 2% in my calculation, would this be a safe bet? Or I should increase it further to 2.1% or more?
Home insurance: maybe a safe number would be $300 per month.
If in the flood zone, need to add $100 per month flood insurance on top of it.
No insurance would be given if the roof is more than 10 years old?
4 points: HVAC, Electric, plumbing, roof: need to be relative new and in good shape
Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
4y
Hey @Jin Zhang I'm not sure if its a specific thing to Tampa, but I've heard from other investors in FL that apparently septic tank, even in a populated area is common...and they ran into some issues with theirs and it was quite costly to figure out a solution. Ended up not braking the deal or anything, but its something that is on his checklist now for other properties in the state.