What kind of bills can on incur on a two-family house in Bed-Stuy?

Hello. We are first time buyers and moving into a two-family in Bed-Stuy.  We will be renting a floor to some friends of ours for rental income and would like to come up with the fairest price possible.  Can anyone give a breakdown and estimate of the annual costs (not including taxes) on owning such a house?  I can only imagine what heat and electric costs are for a three story house but it’d great to have an experienced owner’s help, especially as there may be some costs that I am not yet considering.  Thanks!

easter2013

in Construction 12 years and 1 month ago

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easter2013 | 12 years and 1 month ago

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thank you all so much for your thoughts.  although, it is so very relative to each house — the estimates are appreciated and by weighing all the information and pointers, it will give me a good place to start.

Bklnite | 12 years and 1 month ago

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A year or 2 of paying the expenses is the real way to find out your costs, rather than a few data points from others who may or may not have similar homes & similar usage. “the fairest price possible”, as cmu suggested, is not directly related to  your costs. The fair price is the market rental price. Padmapper, rentometer, other apartment rentals will give you an idea of the market, and you probably want to give some discount to friends because their friends, and because you want them to feel like they’re getting a good deal and take good care of the place.

daveinbedstuy | 12 years and 1 month ago

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My gas bill was about $1,600 a year for the entire heating and hot water for a similar house (3 storey). Oil prices might  run twice that or more. I think water was also around $180 a quarter but that may be higher now as the rates went up.   Your taxes and insurance are also prorated against the rental income  (usually 1/3  for the unit if it’s one floor of a 3 storey house).

guikazoid | 12 years and 1 month ago

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We pay about 175-180 quarterly for water.  And we just recently added the water/sewer insurance program.  http://www.nyc.gov/html/dep/html/service_line_protection/index.shtml

needmtg | 12 years and 1 month ago

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You’re asking 2 disconnected questions. Rent is based on market price, unless you’re asking what’s the minimum you should get from your friends to cover your costs. Running costs: ($100 for gas is quite low, you have great insulation, gz!). I’d say $200-225/month. Wate/sewer may be up to $100/month. Besides mortgage/taxes/insurance (which you know), you should (mentally or otherwise) put aside a monthly sum for repairs and fixes. When I drew up a spreadsheet for my house, I came to roughly 200/month (water heater, w/d, heating system, roof, facade, sidewalk) computed over a 15 year period. Then include 500/yr for emergencies. Then, to actually compute your potential profit/loss, you need to factor in the middle-class subsidy our gracious govt. gives us, aka depreciation and interest deductions off your income tax (riling up Dibs)…

backeast | 12 years and 1 month ago

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As a homeowner you will also have a water bill. I believe it comes quarterly.

guikazoid | 12 years and 1 month ago

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Other costs that you need to consider… oh yea, our house was flooding so we had to do exterior waterproofing job and while we were at it we expanded the scope of work!  So have some extra cash on hand for any unforeseen expenses.  BTW Congrats!

guikazoid | 12 years and 1 month ago

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We’ve owned our 3 story house w/ a finished basement for almost 2 years now.  And have been VERY fortunate w/ our tenants.  We love them.  Anyhow, here are some of the costs. 1\.  Gas (I pay heating in the winter) – budget billing $100 per month.  it’s usually spot on at the end of the year. 2\.  Electric – $50 per month but about $120 for the hot summer days.  Not sure what tenants pay, they’re on a seperate meter. 3\.  Cleaning services – $80 month I really cant think of anything else but if you have any specific questions you can email me.  We’re more than willing to provide guidance.  guikazoid at hotmail dot com