Expenses per unit in Columbus OH

[Alex Gingrich]

I am looking into a property that I found in Columbus. I am trying to determine what the approximate average expense per unit per year for a class C type property would be and compare it to what the seller is telling me. The property is about 70 units, townhouse style, landlord pays water, trash and sewer, tenants pay electricity and gas. About half of the units have been updated in the past 3 years and the other half are older. The property was built in the 1970's. What would a realistic range for expenses per unit per year be including taxes, insurance, management, maintenance, utilities, repairs/capital reserves? I am looking for a dollar amount and not a percentage.  Thanks!

[John Horner]

Instead of taking the owners word for it you could look up taxes, get some quotes on insurance and have him provide utility bills. that would take care of those 3.

Management can be 6%-11% of gross rents plus 50%-100% of a months rent for a lease up fee.  Most have a minimum like $60 per unit so depending on rents and who you choose that could have an affect. I know I said $ but this is just how they charge.

It's hard to say how much for maint and capex because I don't know the layout, how many roofs, basements, slab or crawl.  To be safe I would say $100/month per unit for Maint and capex would be a safe amount.