Lagos 2-bed coastal rental: does 4.1% gross leave enough margin?

When requesting a management proposal, ask what is excluded. Management, finding a tenant, renewals, inspections, handling repairs and supervising contractors may not all sit under one fee. No need to guess the percentage—the written scope and separate charges will give you a defensible model.
 
For Lagos-specific diligence, have local advisers identify every payment attached to this exact property and transaction rather than relying on a generic online list. Request receipts or demands for service charges and property-related outgoings, confirm who pays under the tenancy, and price insurance from the actual address and construction.
 
My next step would be a one-page evidence request before discussing price: achieved-rent support, existing tenancy terms if applicable, service-charge history, planned building works, inspection findings, insurance quote, management scope, transaction-cost estimate and title advice. If the conservative net return still falls short after those figures replace assumptions, the answer is the price—not a lighter reserve.
 
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