$550,000
Fourplex 5
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Break Down:
Purchase Price: $550,000
Down payment (5%): $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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