Updated about 12 years ago on . Most recent reply
New to BP but been landlord since 2007
hello everyone, wanted to introduce myself and get your feedback on a recent transaction. So new to BP that i haven't loaded a pic, i getting one soon.
I have been renting out SFR since 2007. i currently have 3 SFR and a vacation condo in Gulf Shores, AL
I am closing on a Duplex here in my home town of Jasper, AL on Tuesday, July 16. Both sides are 2 bedroom and 1 bath. I should be able to get $550 per month for each unit.
Sell Price: $54k (appraised for $64k), sellers are paying up to $1500 of closing. I will only be out of pocket what the $1500 doesn't cover of closing costs.
Note:15 year loan @ 5%
Payment:$430
My problem is that all of the utilities are metered together. So i am planning on putting the rent at an additional $200-250 to cover utilities (water, electricity, garbage, and gas). it is heated by gas heat.
Do these numbers sound about right?
Any suggestions or words of advice?