It will be a good deal if you can buy for $70,000 each unit. I brought my 2 bedrooms condo this year in a CO. Let me list most the expense I spent since March:
Rent is $675. Condo is empty now.
1.HOA $200 /monthly.
2. One time Repair cost $2000 (bath tub leak + mold repair for unit downstair).
3.Lawyer fee for evicting tenant $164 + $50 (handling fee)=$214/one time
4. After tenant is evicted, I lost $275 (675- 400 deposit).
5. Cleaning lady for moving out clean: $90/one time
6. Handyman repair fee + material: $250 /one time
7. Carpet clean fee: $115/one time
8. One time paid for putting Ads on Renter.com $45.
9. Landlord insurance $160/year
10. Umbrella insurance $25/year (This is very important!!)
You forgot to add the insurance expense.
Rent is $675. Condo is empty now.
1.HOA $200 /monthly.
2. One time Repair cost $2000 (bath tub leak + mold repair for unit downstair).
3.Lawyer fee for evicting tenant $164 + $50 (handling fee)=$214/one time
4. After tenant is evicted, I lost $275 (675- 400 deposit).
5. Cleaning lady for moving out clean: $90/one time
6. Handyman repair fee + material: $250 /one time
7. Carpet clean fee: $115/one time
8. One time paid for putting Ads on Renter.com $45.
9. Landlord insurance $160/year
10. Umbrella insurance $25/year (This is very important!!)
You forgot to add the insurance expense.