I just received my end of year financial statements for 2 IPs and for both of them my expenses were about 26% of income. These expenses do not include loan repayments of course. Both properties are in metro NSW. One is a 25 year old villa. The other property is a house almost 100 years old apparently which I reno'd a couple of years ago. I just thought I'd post this for anyone who is looking for some real-world stats on how much it costs to hold an IP. I was a little surprised how close the ratios are since it seems I am always talking to the old house PM re maintenance and I hardly ever speak to the villa PM.