11:56 AM 12/22/2012
I am trying to get a couple of examples of operating costs for a 3-family - @3000sf.
The property in mind is a duplex and 2, 1.5 BR all-tenant occupied apartments.
Specifically : annual gas, annual water, annual electric, insurance and taxes.
Any ballpark or specific examples that you could offer would be most appreciated!!
Assume 30% of gross income as ballpark for operating expenses, but figure safe to have add'l $20-$30k cash on hand in case there is emergency repairs needed. depending on efficiency of the building and locations those numbers will vary but thats not a bad starting point.
12:32 PM 12/24/2012 | 0 Votes
Not sure if this is truly comparable, but we own a 2-family 3000 sq ft, with a single tenant and an owners triplex with a family of four. Our annual costs are about $800 for natural gas (heat for entire house, hot water, cooking gas and one drier (owner's only)), $1100 for water, about $3000 for owner's electric (including cac), $1100 insurance. Taxes are $4800, but completely dependent on neighborhood, condition, etc.
3:20 PM 12/26/2012 | 0 Votes
This is great information. I'm thinking of purchasing a 2-3 family home within 2 years and needed a rough estimate of annual costs. Thank you.
12:23 PM 01/04/2013 | 0 Votes