Big City Multi Unit Prop Expenses
Hi all,
I am looking at a 4 unit in Chicago, not in the best of areas, that I am going to pick up sub2. I know that the building cash flows Section 8, and it is in good condition. The guy that currently owns it only bought it last year.
It's just too much for him. He has a full-time business, he lives in the 'burbs, and his two best tenants are moving.
I'm not expecting the best record-keeping from him. I know this means that I will have to be careful as to what actual debt might be attached to the building.
That aside, what have you seen by way of expenses in your own cities, in marginal neighborhooods?
Any good rules of thumb?
The units are all individually heated so that helps and I know the taxes.
But what about trash service, maintenance, common areas, property management (if I go that route--real estate is MY full-time job) insurance, etc.?
Thanks.
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