What is your average repair allowance?
It's been a long drawn out process with getting financed via a bank. I own 8 properties and we've been looking to leverage them for a few months now, and are finally in the ending phases of getting a LOC to take out equity for some of them.
Anyways, part of the bank's process was doing a spreadsheet on all the properties and calculating insurance, taxes, repairs and vacancies.
I have my own spreadsheet with our properties, however I was kind of surprised that their requirement was 25% of gross rents towards repairs. Since the start, my plan was $75/door regardless of the property, even then I estimated that this was a little bit high simply due to the fact that 6/8 of our properties were rehabs. During the rehab process we decided to fix everything possible in order to minimize future repairs.
So, my question revolves around what you are seeing as median repairs for your properties, and whether or not they were properties you rehabbed after purchase (Prior to tenanting).