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Under contract for our first Long Distance BRRRRR and from what I can tell, the numbers look good. $1050 is exactly average rent for the area, so we are considering listing at $1100 with a $50/month discount for paying rent by the 3rd and changing the furnace filter every month. Planning to put $30k into the reno with a $5k buffer. Appreciate any input y'all have!
@Whitney Weber How did you arrive at your capex budget? $264 per year for long term repairs. Roof @ $6000 replacement /25 year life span / 12 months = $20 per month. You will $2 per month for other capex. Floors 1000 sf @ $6 sf= $6000 / 8 year life span / 12 months = $62.50 per month. Need to budget for hot water heater, hvac,cabinets,etc. I use 23% for vacancy,repairs and capex when I analyse. How confident are you in your repair estimate. Does the property have galvanized plumbing?