$550,000

Fourplex 5

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Break Down:

Purchase Price: $550,000

Down payment (20%): $110,000

Original Mortgage: $440,000

Renovation Cost: $160,000

Refinance Amount: $945,000

New Mortgage: $756,000

Original Mortgage: $440,000

Original Down payment: $110,000

Renovation Budget: $160,000

Carrying Costs: $9,000

Closing Costs: $8,500

Result: All Capital Out PLUS $28,500

Cash Flow:

Income: $5,800

Main - 1 Bedroom: $1,400

2nd floor - 2+ Bedroom: $1,600

Loft - 1 Bedroom: $1,350

Basement - 1 Bedroom: $1,250

Parking: $100

Laundry: $100

Expenses: $4,099.54

New Mortgage Payment: $2,870.54

Property Tax: $270

Insurance: $170

Gas: $175

Hydro/Water: $150

Property Management: $464

Cash Flow: $1,700.46/month, $20,405.52/year

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