Closing costs look a little light. The transfer tax alone is $2300 ( Buyers portion 2%). Home inspection will probably about $400-500 for a duplex in that area. Plus legal/settlement and title insurance. It’s an old home circa late 19th century...may want to budget for more up front repairs and deferred maintenance.
Also the Town of Smyrna required landlords to have an annual business license which runs about $55 per unit. Each time you go to fill a vacant unit the town will need to inspect as well, which costs a small fee. It doesn’t add up to all that much but something to be aware of.
Wow @Eric Waterman great info. Thanks. Will change numbers to reflect.
I recommend increasing your management fee a little due to future tenant move-ins. There will be an additional leasing fee of approximately one month's rent everytime a tenant leaves and another one moves in. Of course you want longer term tenants, but there will be a transition at some point in the future.
Thanks @Jessica Stiner . When I looked at the property I decided it was not a rental I wanted to invest in. Small winding stairs were a big turn off for me.
MeetUp in Dover De 7:00 pm at the Main Stay across from DMV every Wednesday
Thanks @Tom Antonio . I wasn’t aware of that. I will try to make it soon.!
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