Does this seem reasonable? The house is less than 10 years old; so, I feel like I could hold it for decades. Also, the realtor thought I could get $100-$200 more each month than what I calculated it as. I wanted to be on the safe side.
Thanks so much for your time!
*This link comes directly from our calculators, based on information input by the member who posted.
@Deborah Repaskey I'd personally up the amount of capX and repairs to 10% and 5%, respectively, however given that the house is <10 years old I can see where you're coming from there. I'd definitely increase the vacancy to at least 8% as that would get you close to one month's rent set aside each year (1/12 = 8.333333%). I have no information on your area and what rents go for, but I would be careful on being overly optimistic on rent, make sure to back up your numbers with research on Zillow, craigslist, rentometer, etc. (if you haven't already done so). Good luck with the purchase!
Thanks for the advice, Kevin!