expenses for Akron, OH

[Dan Cox]

Hey, BP.

I’m looking for input from those with experience investing in the Akron, OH area. I recently started a job in the area and will be looking to buy a duplex to house hack. Given that I’m new to the area, I’d like to make sure I’m running reasonable numbers for expenses – especially utilities (I’ve read that water/sewer bills can be exorbitant in the area). I’ll also say that I don’t plan for this to be my forever home, but I will likely keep it as a long-term investment (so, I’ll be running numbers both as a house hack and as fully rented).

Here are my assumptions -

Neighborhood: northwest Akron area (Highland Square/Wallhaven/Northwest Akron)

Home price (just an estimate): $140k

Property type: duplex/small multifamily

Expenses -

Property taxes: ~$3640/year

Home owner’s insurance: $70/month

Water/sewer/trash: ~$100/unit

Gas: $76/unit

Electricity: $107/unit

Lawn care/snow removal: $500/year

I realize there are several other expenses to take into consideration (maintenance and repairs, cap ex, property management for when/if the time comes, vacancy, etc.), but I’m most uncertain about the local expenses that I’ve lined out.

Also, if there are expenses specific to the area that I’m missing, I’d appreciate the info!

Thanks!