OK Nanci, here goes. We've had a rental for the past 6 years, a 2+den, golf cart incl. Let me give you the numbers. We rent weekly in the summer and monthly during the season. Most of the time we have 6 straight months rented plus some weeks in the summer giving us an annual amount of $12,000-$20,000 received. The expenses account for $10,000-$14,000. Expenses below are based on approx. $12,000-15,000 year income.
Utilities 2,900 Repairs 1,200
Fl Taxes 1,100 Insurance 600
Pest and lawn 1,400 Improvements 700
Prop taxes 3,000 Advertising/acct. 200
Amenities 1,700 Misc./supplies 1,500
TOTAL IS $ 14,300
You can see this does not include mortgage payments. We have none. If you do, it will be very difficult to cover them and come out even. Renting is not easy. We do not have to pay a property manager, we do it, we live here. Yes, at some point the increase in the value of the home will bring in some profit. We will continue to rent it to break even and give us a little profit some years. It does give us a break on taxes as there is depreciation built in. Right now the home prices are low and seems like a good time to buy. It's certainly not a gold mine! We've met some wonderful people in our renters and enjoy renting it out short term.
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