Hello BP Central Florida!
I am working on analyzing properties and would like some feedback on my numbers. I am currently looking in the Sanford area and evaluating mostly SFH with 2-3 bedrooms, 1-2 baths, <1500 sf for a buy and hold strategy. I want to make sure my numbers are as accurate as possible. That being said, what are some vacancy rates you use to analyze deals? Aside from the mortgage, what are some fixed costs that you take into account? (I am allocating about 10% for each repairs/maintenance, capex, and management fees). While I know this is largely a case by case basis, what repairs do you typically do to get a house rent ready and what are those costs? (e.g. Do you usually give a fresh coat of paint? Do you usually update a section of the home? Or is it wholly on a case by case basis?). When estimating rehab costs for analysis, what resources do you use?
Thank you in advance and please let me know if I need to provide more information.
Don't forget insurance, and property taxes. As for repairs and rehab it is totally case by case basis. You only repair things that break, which if you could predict that in advance you would make a lot of money. Rehab depends on price point and how dated the home is to begin with, in FL I'd say the easy renovations are things like if your bathroom vanity and/ or toilet is a color other than white/ gray it is likely worth it to upgrade.
Thank you Aaron!