Newbie Numbers Analysis. Expenses Too High?
Newbie here trying to learn how to calculate numbers. I just picked a property on Redfin for practice called the insurance company to get a quote and asked around for water and sewer prices. However, my expenses based on the expenses I am seriously overshooting the 50% test ($1450 for 50% test vs $2075 estimated expenses). Am I missing something here or these expense numbers are high? Or maybe the figures are over estimates? This doesn't even include garbage, lawn care and snow removal.
Rent estimate based on rentometer
https://www.rentometer.com/analysis/2-bed/344-sunnybank-avenue-stratford-connecticut-06614/h4Jfk0QRCRw/overview
https://www.redfin.com/CT/Stratford/344-Sunnybank-Ave-06614/home/107226269
1450 * 2 = 2900
Insurance - Umbrella coverage
142
Taxes
700
Water (was told this could run between 70 and 100)
100
Sewer
60
Vacancy 7%
203
Capex
290
Repairs
290
Property Management
290