$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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