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I know this doesn't meet the 2% rule but looking for feedback on if my estimates for maintenance/cap ex are too conservative or any general feedback - house was built in 1950's. I ran the numbers based on current rent but see opportunity to make small upgrades to get more rent and possibly air bnb during the summer or look for summer renter.
- Is there income from the basement laundry? Can you add it?
- You might want to bump repairs and CapEx, since this is student housing.
- Doesn't look like there's much lawn, but what about snow removal?
- Cleaning? I've read from other student-rental landlords that you budget for cleaning to keep the place presentable and an eye on what's going on. Might be worth considering.
- Closing costs might be low. I'd expect about 2X.
Overall, your per unit cash flow is pretty great, but CoC ROI of ~10% wouldn't be good enough for me. Especially, considering the potential headaches of a student rental.
Awesome input - greatly appreciated.