First Property.....Need Insights!!
I really like this Tri-Plex, 30 minute drive from Philly. I want to live in one unit and rent two other.
Asking - 249000
All three units are rented.
Monthly - 2200 ( for Two units, since I am going to live in the third unit)
Taxes: $7,663
> Insurance: $3,495
> Oil: $2,600
> Management fee at 6.5%: $2340
> Sewer and Garbage: $1100
> Lawn and Snow: $900
> Water: $840
> Cleaning: $400
> Electric: $240
> Rent License: $115
> Vacancy: 2640
> Total: $ 22333.00
> Net Income is therefore 26400 - $22333 = $4067
Am i missing anything? It is my first deal, i want to make sure that I am not forgetting anything or I am under estimating the cost associating with it.
Not to forget that I will be living in the third unit as well and the income is only counting two rented units and not counting my unit.
What are your thought?