Annual Operating costs for a 3-family?

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.

chariset

in Accounting 12 years and 10 months ago

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nyflicka | 12 years and 10 months ago

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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!!

mrohrmann | 12 years and 10 months ago

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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.

boredatwork | 12 years and 10 months ago

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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.