Updated over 4 years ago on . Most recent reply
[Calc Review] Help me analyze this deal near Rochester NY
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There's a lot to break down here....
1) $40k purchase price. I don't see how a house that you can buy for 40k unless you've found an amazing deal. Any area that commands 1400 in rent even in rough shape are selling for 100k right now
2) The taxes. You have it at about 1k a year... This is Rochester, NY... not Florida. There is no way the taxes are that low, unless you again are buyin a house on like Ave D. If you are looking at that street, just no. For an ARV of 100k the taxes in the city would prob be around $4 a year. That will have an effect on your NOI.
3) Insurance... Yeah you're not going to get a good policy for under 800 a year. I would say at least 1k, but if you're in a rough area, make sure you get replacement value, cuz mad tenants tend to get a lil pyro-ey.
4) Water.. you have $0. Even with a SFH, you could end up paying water. You can tell your tenant to, but if they decide not to, the city will go after you and not the tenants, so you might as well just roll that into your rents. I would say this is at least $400/yr
My guess is you need to add about $325/mo to your expenses. Again, with more information I could give you a more accurate answer. Feel free to DM me with more details if you'd like!