First Rental Property
Does the guideline for a monthly rent between 0.8% and 1.1% of the property's value include power, water, gas etc.?
I am currently looking at a few locations/properties though Zillow, redfin etc. to get an idea of the rent/cash flow potential in the surrounding areas.
If for example a home is selling for $225,000 it will have an estimate of $1,462/month.
With 25% down the calculator shows:
$1,023 per month
Principal and interest $806
Property taxes$125
Homeowners insurance$92
How can I get a better idea of the total including everything?
Or would you just rent it out between 0.8% and 1.1% ($1800-$2500), taking into consideration the surrounding areas rent, making sure it turns a positive cash flow?