Evaluating A Property & Accurately Estimating Costs
Hello Everyone,
I am learning how to evaluate potential deals but I am questioning whether the estimates in my calculations are (1) conservative enough and (2) somewhat accurate (I understand nothing can be 100% accurate). Any suggestions are much appreciated! These are the assumptions that I am questioning:
1. Purchase Closing Costs (I use 5% of the purchase price)
2. Any good websites for accurately predicting rent ranges in a particular area (found a bunch, but would like to know which is most accurate/useful)?
3. How to estimate homeowners insurance cost (usually just go by redfin's estimate, but I would like to use something more accurate)?
4. Vacancy Rate and Repairs Rate (I use 5% of monthly rent for each one)
5. How to estimate utility costs in a particular area? And where can I find out if certain services such as trash are "free" if you live within city limits. .
6. Cap-Ex Monthly estimate calculation?
Additional Information: Looking for single family houses and condos within the city of Philadelphia. I am sure some of these estimates can be calculated the same way no matter the location. Any additional resources are helpful as well!
Thanks!