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!

[Brendan Taylor]

Some of your utility estimates may be a little high. I own a few small multi unit properties in Wallhaven. Typically gas and electric are split so tenants are responsible. Even still your numbers a probably a little high there. I would also say $75/unit on water, sewer, and trash. Usually my bills still come in below this but this is what I typically use to estimate. This is just in my experience. If you don’t monitor things I’m sure the numbers could be higher.

[Dan Cox]

Thanks for the info, Brendan. That helps. I'm considering going the furnished, 30-90 day stay route (midterm lease), or possibly a hybrid of STR and midterm. That's why I was getting specific with expenses like electric and gas - since I'd be paying the bills personally. These are things I'm still thinking through. Just trying to find the right fit for my situation.