monthly or annual costs for maintenance of a townhouse

We are in contract to buy a townhouse in bed stuy. We are trying to figure out how much we need to rent out in order to have manageable monthly costs. But there are many unknowns. It would be helpful to know how much people pay per month or per year for expenses besides mortgage….ie water, gas (it’s gas heated), electric, and repairs. We know the tax cost. The townhouse is an attached brick row house that is relatively small- 20X35 with four floors.

WRPListings

in General Discussion 8 years and 2 months ago

7

Please log in, in order to post replies!

7 replies

Newest Oldest

resident2 | 8 years and 2 months ago

string(1) "1"
object(WP_User)#4923 (8) {
  ["data"]=>
  object(stdClass)#4911 (12) {
    ["ID"]=>
    string(6) "181002"
    ["user_login"]=>
    string(9) "resident2"
    ["user_pass"]=>
    string(34) "$P$BYKCrEpDU34.3RJghRPk8/Xp1XpCve/"
    ["user_nicename"]=>
    string(9) "resident2"
    ["user_email"]=>
    string(21) "Jamanda1255@Yahoo.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 14:07:33"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "resident2"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(181002)
  ["caps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

The more important issue to think about when considering an upper duplex rental or a one bedroom garden rental is; who do you think / want your tenants will be?
An upper duplex could be a group of shares, a family with small children running on your head,… tenants period, walking on your head.
Or a single/couple living below you with their own private entrance and easier to qualify each time you have a vacancy.
A large one bedroom typically is much easier to rent than an upper duplex. The rent difference does not compare to the hassle issues with too many people living above you, in my opinion.
Even in buildings where I do not live; upper duplex rentals can be difficult to find the right balance of responsible, financially qualified and quiet, tenants.

boredatwork | 8 years and 2 months ago

string(1) "1"
object(WP_User)#4922 (8) {
  ["data"]=>
  object(stdClass)#4921 (12) {
    ["ID"]=>
    string(4) "2719"
    ["user_login"]=>
    string(11) "boredatwork"
    ["user_pass"]=>
    string(34) "$P$BiaWeactc21lMA9OeuKVxu36Aie4Iz/"
    ["user_nicename"]=>
    string(17) "bored-at-work-2-2"
    ["user_email"]=>
    string(18) "nyc372@hotmail.com"
    ["user_url"]=>
    string(55) "http://bstoner.wpengine.com/forums/users/bored-at-work/"
    ["user_registered"]=>
    string(19) "2017-08-17 21:39:27"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(13) "bored at work"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(2719)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Triplex over garden rental 20 x45, renovated with all new systems in 2001:

Gas including hot water (triplex only), heat, cooking gas (oven/stove + outdoor grill), and drier = $92/mo level
electric = ranges from $115 – $400/mo, including CAC
water = $250/quarter (includes watering a garden and dw and washer) and three currently living in the triplex; two in the garden

Tenant pays for own hot water and electric

Your actual mileage will vary.

Repairs – what does your inspection report say? What are your risks? Perhaps before going to contract you should know know the annual operating expenses, the age and status of all systems, the roof, the water line, the sewer line, etc.

Lurker | 8 years and 2 months ago

string(1) "1"
object(WP_User)#4918 (8) {
  ["data"]=>
  object(stdClass)#4924 (12) {
    ["ID"]=>
    string(6) "113126"
    ["user_login"]=>
    string(6) "Lurker"
    ["user_pass"]=>
    string(34) "$P$Biam83uc193o8.v5qK1VChb9yjJ5vu."
    ["user_nicename"]=>
    string(6) "lurker"
    ["user_email"]=>
    string(22) "jcjedi_10003@yahoo.com"
    ["user_url"]=>
    string(21) "/forums/users/lurker/"
    ["user_registered"]=>
    string(19) "2011-01-19 18:44:20"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(6) "Lurker"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(113126)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

It’s now possible, even easy, to get these very low, especially since you’re renovating anywa, and without much added expense. For a brick row house, same width but 55 deep we took fixtures to code so toilets and spigots use half the water as before and they’re fine (Toto toilet FTW!)–I think we pay 100, tops 175 quarter. For electric if you put in new appliances and use LED fixtures or bulbs, which are now a viable option without breakng the bank, our electric is 100-150 tops for both apartments. And our hot water and heat vary from $30 to 180 in Feb, so average 92/month with an ultra- efficient boiler—and we keep the heat at 74. We don’t have AC, just wall units but we use them plenty. All in that’s $200 ish to $375ish at peak.

WRPListings | 8 years and 2 months ago

string(1) "1"
object(WP_User)#4923 (8) {
  ["data"]=>
  object(stdClass)#4925 (12) {
    ["ID"]=>
    string(6) "193490"
    ["user_login"]=>
    string(11) "WRPListings"
    ["user_pass"]=>
    string(34) "$P$BEx.JH7aREEWwoJz54hm8MQ8YAnar71"
    ["user_nicename"]=>
    string(8) "listings"
    ["user_email"]=>
    string(26) "listings@warburgrealty.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2018-06-29 14:23:37"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(23) "Cody Masino Cody Masino"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(193490)
  ["caps"]=>
  array(1) {
    ["subscriber"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(10) "subscriber"
  }
  ["allcaps"]=>
  array(3) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

I wasn’t thinking about renting lower or higher depending on expenses…we are debating whether to rent the upper duplex and live on the garden and parlor floor, or go straight to living on the top three floors and renting the garden apartment. We are doing renovations, so we could go either way…maybe I should post another question about which of these options is best.

resident2 | 8 years and 2 months ago

string(1) "1"
object(WP_User)#4922 (8) {
  ["data"]=>
  object(stdClass)#4926 (12) {
    ["ID"]=>
    string(6) "181002"
    ["user_login"]=>
    string(9) "resident2"
    ["user_pass"]=>
    string(34) "$P$BYKCrEpDU34.3RJghRPk8/Xp1XpCve/"
    ["user_nicename"]=>
    string(9) "resident2"
    ["user_email"]=>
    string(21) "Jamanda1255@Yahoo.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 14:07:33"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "resident2"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(181002)
  ["caps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

What you rent an apartment for has very little to do with your actual expenses; it is dictated by the market.
That said the better condition the building is in, the lower your maintenance costs will be. If you constantly need to patch and repair as issues come up; it will cost “more” per month than if you have all new plumbing, heating etc. I say “more” because it is either cash upfront or pay as you go….
But the bottom line is, you get in rent what the comparabes are in the market at the time you have a vacant apartment to rent. No one is going to pay you more because your expenses are higher and you should not rent lower than market because you are expecting your expenses to be lower…. you never know how high maintenance a tenant is until they are in your apartment.

Arkady | 8 years and 2 months ago

string(1) "1"
object(WP_User)#4925 (8) {
  ["data"]=>
  object(stdClass)#4918 (12) {
    ["ID"]=>
    string(5) "14677"
    ["user_login"]=>
    string(6) "Arkady"
    ["user_pass"]=>
    string(34) "$P$BSLpIhH1FLNbV2Qdpb/F67tu7brrgw1"
    ["user_nicename"]=>
    string(6) "Arkady"
    ["user_email"]=>
    string(20) "rkdillon@verizon.net"
    ["user_url"]=>
    string(21) "/forums/users/arkady/"
    ["user_registered"]=>
    string(19) "2008-08-04 21:50:38"
    ["user_activation_key"]=>
    string(20) "HL9P1Plx6tnm1l8GiJvd"
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(6) "Arkady"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(14677)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

My costs are very different from Jodie’s. I don’t think you can extrapolate much from other people’s budgets. Ask the prior owners. (And don’t forget insurance.)

jodie1028 | 8 years and 2 months ago

string(1) "1"
object(WP_User)#4926 (8) {
  ["data"]=>
  object(stdClass)#4923 (12) {
    ["ID"]=>
    string(5) "28384"
    ["user_login"]=>
    string(9) "jodie1028"
    ["user_pass"]=>
    string(0) ""
    ["user_nicename"]=>
    string(9) "jodie1028"
    ["user_email"]=>
    string(24) "jodie@127productions.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 13:46:09"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "jodie1028"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(28384)
  ["caps"]=>
  array(0) {
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(0) {
  }
  ["allcaps"]=>
  array(0) {
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Your buyer should have disclosed all of the expenses. This is something the sellers agent can supply. We have a house the same size with an ancient boiler, and we pay about $400 per month for gas (level plan). Water $300-700 per quarter. Electric under $200. The real catch here is the repairs. It’s like pulling a thread on a sweater. You will spend more than you ever thought possible.