Figuring Expenses on Multi Family Properties
I have been analyzing many deals in the Puget Sound region and am having a hard time finding deals that make sense on the MLS. I am using the BP rental property calculator for my analysis and am allowing for everything including property management expenses.
I am concentrating my search in C to B- properties and could use some advise on what is reasonable for expenses. I am thinking that I may be overestimating my expenses as the BP calculator uses a % of the gross monthly rent. Should I be using a hard number per door?
I understand each property is unique and that older properties will likely have higher expenses so the number that I use would be dependent on the age of the property. I have read about people estimating their expenses based upon the useful life of the cap ex items, roof, hvac, appliances etc...
However, when analyzing properties this information isn't available. What would be a good method to determine what a properties expected capex expenditures would be when analyzing properties for consideration?