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Rent Amounts in New Rental

My neighbor has purchased a duplex (two unit) rental, and is trying to determine rent amounts. Any simple formula for this? He has to cover his mortgage, taxes, and insurance. Other ideas or input??
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This is a good question, especially if you are just getting started as a landlord. It is true that a good initial amount is defintely "What will it take to cover my expenses?" If that is not able to be done, you might want to consider if it is a good property for you to buy.
Have you resolved this question? I would make sure that in additon to covering your known costs, you plan for the unexpected costs that will alawya come along! Maybe go 10% higher on your rent, if you feel you can, to cover added expenses.
Yes a profit lol.
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