Average Investments Costs
Hello All,
I have been identifying properties in the Richmond area that I might consider purchasing but wanted to see what the average cost of certain critical factors were. So what do you all see to be the average cost of insurance and and vacancies in the area? Also, utilities. I hope to meter this expense out to tenants but in case that is not an option, a rough estimate would help in running my numbers.
I've been googling around and found the following approximations and wanted to see if they are consistent with what you all are seeing:
-cost of insurance in VA to be ~$80 (I'm assuming this is for SFH)
-vacancy about 5%, conservatively ~8%
These are the factors I am not sure of in my calculations. If you all know of any other factors that may affect my numbers in the Richmond area aside from mortgage, taxes, repairs, and CAPEX, please feel free to inform me.
Thanks,