$420,000
Fourplex 4
Get to Know
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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