Houston Multi-Family Expenses

[Keith Schuster]

Hi all - I'm looking at a 25 unit property in Houston.  It's in foreclosure and due to be sold in Sept.  I'm trying to run numbers through the Rental Properties Calculator  but I don't have enough information or knowledge to fill in all the expense items.  I was wondering if you all could help me come up with reasonable averages for this type of property - in Houston in particular???

25 units build in 1971.  Supposed to have had new roof done this year.  

I need the following

Cap rate
Water
Sewer
Electric - has laundry
Garbage
Insurance
Other

Vacancy %
% towards repairs and maintenance
% towards cap x
% prop mgt fee

Thanks!

Keith

[Darryl Dahlen]

Eric is correct that you can expect to run 55-60% in expenses. I am very active in the TX market and just closed an $8.5MM project in Houston. I'd be happy to share with you some figures to help guide you on what the expenses should be. Send me an email and I'll reply with the data.