$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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