$360,000

Fourplex 2

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Break Down:

Purchase Price: $360,000

Down payment (20%): $72,000

Original Mortgage: $288,000

Renovation Cost: $250,000

Refinance Amount: $840,000

New Mortgage: $672,000

Original Mortgage: $288,000

Original Down payment: $72,000

Renovation Budget: $250,000

Carrying Costs: $20,000

Closing Costs: $10,000

Result: All Capital Out PLUS $32,000

Cash Flow:

Income: $4,925

Main - 1 Bedroom: $1300

2nd floor - 1 Bedroom: $1,275

Loft - 1 Bedroom: $1,100

Basement - Bachelor: $1,000

Parking: $150

Laundry: $100

Expenses: $3,962

New Mortgage Payment: $2,833

Property Tax: $240

Insurance: $170

Gas: $175

Hydro/Water: $150

Property Management: $394

Cash Flow: $963/month, $11,553/year

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