Capex, maintenance, other unusual expenses in Echo Park?
Hi guys and gals,
I'm underwriting an off-market deal on a fourplex in the Elysian Heights neighborhood of Echo Park, and I could really use some insight from local landlords. I'm curious about your actual experiences with capex, maintenance, and vacancy.
My specific questions (if you'd like to post to the forum for the benefit of all) are:
Have you replaced a roof? How much did it cost? How large was the roof?
How much does landscaping maintenance run you? How big is your lot?
Did you have to replace the sewer line? How much did that run you?
Have you incurred any capex (or other) expenses that you didn't see coming?
What's been your vacancy rate? And what's your average vacancy length for a unit?
Do you manage your property/ies yourself? If you use a property manager, do you like them and can you recommend them?
Is the property tax rate about 1.15% now?
I've been a homeowner in Elysian Heights for ten years now, so I know the neighborhood and have my own experiences with hundred-year-old houses, but I've never been a landlord here. With the market where it is, I'm trying to underwrite as thoroughly as I can to make this deal happen. I really appreciate any insights!
If you have some golden nuggets you'd rather share privately, just post here or ping me, and I'll PM you right back.
Thanks so much!
Jon
