Tips on estimating taxes, insurance, and water in Grand Rapids

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Does anyone have any input on estimating taxes, insurance, and water on multi-units in Grand Rapids? 

Basically, I'm trying to calculate expenses. 

Real estate taxes are public record, you can call the assessor's office to find out.  I can't post a website link or phone number in this post but the number ends in 3081, you'll see it on their website.  Insurance you can get a quote from an agent, I always call the same person I used on my last policy.  Water is definitely harder, especially if you haven't owned something the same size and tenants can be drastically different.  Will you be passing on the water bill to the tenant? If not, you likely won't be using much water while rehabbing or renovating (couple hundred max for a few months??).  Probably a negligible amount.  If you are eating the cost of water while having tenants then it really depends on the property (baths, efficiency, sprinkler system, etc etc).

Good luck!

Taxes should be shown on a listing. Note that GR gives a small discount for owner-occupied units. For example, if the owner lives in one unit of a duplex, they get about a 33% discount on that portion of the building. You should be able to see on a listing if they are showing the homestead or non-homestead amount. Also note that if the property is being sold for a much higher amount than it has in the past (often if it hasn't sold for 20+ years), there is a good chance that on year two your taxes will increase substantially as the county records the new value.

Insurance figure around $1,000/year for a $100k price, or around $1,500 for $200k. Will vary based on your coverage but those are decent ballparks. 

I use $100/month to ballpark for water/sewer/lawncare generally on multi units.

Go to this site for the Property taxes. Plug in half of the purchase price, set PRE to zero if non owner occupied; 100% if OO, and then hit submit. Bingo. That's your number.

https://www.grandrapidsmi.gov/Government/Departments/Office-of-the-City-Treasurer/Property-Tax-Estimator

Insurance: call an agent but typically $800-$1200 for SFH depending on price point.

Water: $250/qtr for a duplex. SFH; I make the tenant pay for it. What's your current water bill? You live in GR right?

How many units? What price? What tax jurisdiction exactly? 

I do live in Grand Rapids. Currently, house hacking my first deal but I am starting to look for my second. Ballpark amounts are really what I am looking for just so I can have a rough idea of whether or not a deal is worth further investigation. 

I am in the market for a 4-unit (250k) but always looking at 2-units (125k). Would be curious to know about single family as well just so I know in the future. 

Taxes are pretty easy to find out. Insurance and water are the two I am having trouble with. I will be paying for water usage. Pretty standard in the areas I am looking. 

Single families, on the older side, with minimal updates should run you about $650-$750ish per year.

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