$500,000
Fourplex 1
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Break Down:
Purchase Price: $500,000
Down payment (20%): $100,000
Original Mortgage: $400,000
Renovation Cost: $180,000
Refinance Amount: $894,000
New Mortgage: $715,200
Original Mortgage: $400,000
Original Down payment: $100,000
Renovation Budget: $180,000
Carrying Costs: $15,000
Closing Costs: $10,000
Result: All Capital Out PLUS $10,200
Cash Flow:
Income: $5,474
Main - 1 Bedroom: $1,549
2nd floor - 1 Bedroom: $1,575
Loft - 1 Bedroom: $975
Basement - Bachelor: $1,200
Parking: $100
Laundry: $75
Expenses: $4,233
New Mortgage Payment: $3,015
Property Tax: $275
Insurance: $180
Gas: $175
Hydro/Water: $150
Property Management: $438
Cash Flow: $1,241/month, $14,889/year
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