Rental Property inputs - south florida
Hey BP. I new to real estate and looking to invest in my first rental property in the coming months in South Florida. It will likely be a triplex in Pompano Beach or a nearby area with similar expenses. I have started analyzing deals but am unsure how accurate my assumptions are of the expenses. Below is what i am generally using. Any feedback on any of these would be greatly appreciated! =)
Closing costs: $3000
Electricity: $120/unit
Insurance: $300/mo
Water/Sewer: $30/unit
Garbage: $15/unit
Maintenance: 5%
Vacancy: 5%
Cap Ex: 7%
Property management: 11%
Property Tax: 1.5%