Oceanfront property experiences different maintenance issues than property located inland. Condo's will not require your direct involvement in building repairs, but depending on the age, buildings must undergo periodic recertifications and major work for which assessments are levied on to the owners according to your portion as allocated in the condo docs.
Single family houses require your dillient attention. If you allow things to go on in disrepair, the day you have many to do, it will seem like too costly to repair and you may have the tendency to ignore them.
Taxes and insurace vary widely between the property types and location. As you can see, there are too many variables to consider and build a model.
You may even be able to use the one you now have, just plug in the numbers that make sense for our part of the world and see if this does not give you a fair estimate you can live with.
To purchase, there are costs associated (inspections, appraisals, closing costs), which also vary widely but which you may estimate at around 5% of the purchase price. In some instances it could be less or more, but this may be a good starting point.
Consider these expenses are due at closing in addition to your downpayment (5%, 10%, 20%, 30% of the purchase price?). Combined, these will help you approximate what you'll need to acquire the property. The rest, will depend on lots of other factors over time.
Hope we've all helped and happy house-hunting.
Wenceslao Fernandez Jr, BS, CDPE
Keller Williams Realty
Yes you may well be re-inventing the wheel, if you are talking about an investment property. I have programs designed exactly to analyze investment properties before you buy them, so that you can see if you are getting a good internal rate of return/cash flow after taxes, etc.
Call me or email and I'll be happy to help.
I am originally from Adelaide and will be back home for a visit 5/30-6/12. If you would like to contact me while I am there you can email me and I will give you a contact phone #. Who knows, we may even be able to get together for a "cuppa".
Although, I work in the Tampa Area, Orlando is less than an hour away and I also have many contacts in Miami.
The model could be very simple and also very complicated. If you are planning to buy a property for investment. I suggest taking the more stable route and buying a condo that could be rented on an annual basis. Now, prices are as low as they have been in years. But still, even with the low prices; don't expect a huge return on your investment immediately. The annual property taxes and monthly association dues will eat-up your profits. In time, the property should appreciate and then you may recover your profits and return.
Miami is BIG as is Orlando, I specialize in Sunny Isles Beach, Miami Beach, Surfside, Bal Harbour & South Beach. I love the Gold Coast, South East Florida.
Best of luck with your decision!