I am a rookie investor looking to purchase a buy and hold property in Columbus, OH area. There is a specific property in South Linden that I am considering but would love to get some insight from more experienced investors in the area. This property is a duplex in South Linden. Approx. 2024 sqft. 2 bed 1 bath each unit. water is not sub-metered.
I found that rent was on average $850. What are others getting for a 2 bed 1 bath in South Linden?
What is the average cost of water and home insurance? for the sake of analysis I used $250/month for water and $700/ annually for insurance.
Since the water is not separately metered, can I charge the tenants a small fee for water?
If anyone got their property sub-metered, how much did it cost?
I would appreciate it if anyone can give me some insight. Thank you in advance!!
-I would say the average rent is a little lower than that more towards $750/800 a month but can be much more with Section 8
-I would also talk to an insurance agent about specifics for quotes.
-Most landlords usually charge a flat monthly fee for water when it is not sub-metered @Angelina Ng
@Brandon Goldsmith Thank you! I will check with an insurance agent. Do happen to know what water typically cost?
@Angelina Ng It's common for owners to charge the tenants $25 per person per month for water.
@Angelina Ng The approximate charge per unit is $500-700 for property sub-metering.
@Kyle Tom thanks so much!!!