Rental Property Budget

[Turner Schenzel]

Hello, I feel like I am very new into the rental/landlord game, the first few years have flown by! It safe to say that the first few years I did not do my due diligence to budget and project for the future. I first bought a duplex for $140,000 cash in the beginning of 2017, this has brought in $1,690 a month since then, which will increase to $1,740 in 2020 when I increase both sides by $25 a month. I then took out a mortgage on the property to go and get another; I bought a single family home for $145,000 that gets $1,550 a month. I JUST broke out a budget sheet (don't judge me!) and it has me netting $66 per month. Is this ok? Is there anything that you would change or adjust? I'm sure some will point out the 10% for tithe, this is a personal choice that I want to stick to, but other than that does anyone have any thoughts? I do believe that they have both gone up in value and could be sold for a decent profit, and I am weighing that option, but would prefer to hold and cash flow each month. 

Here is a breakdown of 2020 projected:

[Bob Norton]

@Turner Schenzel You are cash flowing at $395 per month, or $197.5 per property. The tithe is a personal choice and not a rent expense that you would normally consider. However, I don't see anything for property management, so you can use the tithe amount as a surrogate. How much cash do you have invested in the properties? You show two mortgages, does this mean that you pulled most of your cash back out? If so, then I'd keep the properties. Depending upon how much cash you have invested, your ROI is probably acceptable. Rents increase over time, while the mortgage does not. I also recommend that you create a separate budget sheet for each property in the future, so that you can make sure each property is cash flowing acceptably.