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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.
@Greg Seldon - i'm going to suggest a few tweaks to your calculations and see how that turns out.
1. Raise closing costs to $5000.
2. Add Vacancy and use at least 5%
3. Reduce Repairs to 7%
Great Input - Thanks Tchaka.
Your yearly income should go up over time. I usually figure rent increases from 2 to 4% per year, but that will vary by area. I would hope after 20 years the rent had gone up quite a bit. Unless you are in a warzone or the outskirts of one.