$420,000

Fourplex 4

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Break Down:

Purchase Price: $420,000

Down payment (5%): $21,000

Original Mortgage: $399,000

Renovation Cost: $270,000

Refinance Amount: $900,000

New Mortgage: $720,000

Original Mortgage: $399,000

Original Down payment: $21,000

Renovation Budget: $270,000

Carrying Costs: $15,198

Closing Costs: $7,000

Result: All Capital Out PLUS $7,802

Cash Flow:

Income: $5,325

Main - 1 Bedroom: $1,325

2nd floor - 1 Bedroom: $1,450

Loft - 1 Bedroom: $1,200

Basement - Bachelor: $1,100

Parking: $150

Laundry: $100

Expenses: $4,225

New Mortgage Payment: $3,035

Property Tax: $259

Insurance: $180

Gas: $175

Hydro/Water: $150

Property Management: $426

Cash Flow: $1,099/month, $13,193/year

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