2017 Cleveland Duplex Expenses Exposed
I wanted to share my annual expenses because I had to do a lot of guesstimates before I bought my duplex. I swear when I asked some investors their expenses they acted like they had amnesia. Since I have over a year history with my duplex in Cleveland (and before I get amnesia lol), I wanted to share some numbers.
These are averages for my Cleveland Duplex in 2017. Expenses for your property may vary. The duplex has 4 occupants and is ~4000 sq ft.
MONTHLY EXPENSES
Taxes: $208
Taxes are hiiiigh...and my property isn't even in the heights or soccer mom burbs. I've seen some mediocre homes that have annual taxes of $6000 +. These taxes can surpass some HOA fees!
Gas: $140
Brrrrrr...You better believe it gets cold here in Cleveland! And it stays cold for a long time. My duplex has hot water radiators. Also my duplex is gigantic (4000 sq. ft). Gas expense is a big deal in the midwest. I remember my California days when my gas bill was negligible.. like $10-15.
Sewer and Storm Drain: $80
In Cleveland they itemize separately Sewer and Storm Drain. To be honest, I think it's because the city is having to fix a lot of the archaic sewer drains. I always see the city crew working on the streets and replacing the old system, digging to China and back.
Water: $60
Water and Sewer is separate but you dial the same number to contact them.
Insurance: $120
Gives us that peace of mind.
Lawn-care: $35
I pay my lawn guy $30 dollars per cut and he does a really good job. Pretty grid lines and clean edges. Your frequency may vary from mine and typically start from April/May to November/December.
Just a quick post for someone who might be doing the calculations on their deal in Cleveland. It's just a ballpark of what your Cleveland Duplex expenses could look like. The bigger pockets calculators goes more in depth with cap ex., vacancy etc. I highly recommend it!
Let me know if you have any questions.
If you have a duplex, share your numbers and other miscellaneous expenses! Do you think my numbers are wonky?
Thanks,
Andrew