House hack is a great way to start. I did a duplex, where I lived, for my first deal a long time ago and it was a very good learning experience (and a little profitable).
In my experience, most agents aren't going to be helpful here (some exceptions).
You can ballpark these things after getting some data:
Rent: use the sites you think you're future tenant will use to find you as a landlord (Zillow, Rent.com, a big property manager in your area, Craigslist) and look for similar places in similar neighborhoods. The rent will narrow down to a range and that's where you'll be.
Property Tax: in most places there's a county tax + a city tax. In Charlotte, for example, it's something like .85% for the county + .45% for the city, or 1.3%. That means for a house the government assesses as being worth $100,000, they hit you with a $1,300 per year tax bill. You can get this number straight from the county government website, property by property.
Water/Sewer: Best way to ask people a few people in the area "what's your water bill? how many people in your home?". I ballpark this number in Charlotte to be around $30 for the 1st person, +$15 per additional person.
Insurance: Don't forget this one. Get a quote from your current insurance company on a property similar to what you want to buy. In Charlotte, I usually pay around $600 for a $150k house down to $450 for a $50k house.
Do your due diligence on getting ballpark numbers, but don't sweat getting exact estimates on every property. You'll likely run the numbers on >100 houses before buying one. Running down these exact numbers every time will drive you mad.
@Chris Sellers thank you so much for the info! I appreciate the help, that will make things a bit easier for me. Hopefully I can get these numbers down to a science soon. I’ve done so much listening, reading, searching, and dreaming about REI but very little actual work up to this point. I’m finding this is more important than a lot of my “education” haha
Glad to help. You’ll learn way more from your first deal than from all the books out there. Enjoy the experience.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.