$520,000

Fourplex 6

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Break Down:

Purchase Price: $520,000

Down payment (5%): $104,000

Original Mortgage: $416,000

Renovation Cost: $160,000

Refinance Amount: $920,000

New Mortgage: $736,000

Original Mortgage: $416,000

Original Down payment: $104,000

Renovation Budget: $160,000

Carrying Costs: $10,000

Closing Costs: $8,800

Result: All Capital Out PLUS $35,000

Cash Flow:

Income: $5,425

Main - 1 Bedroom: $1,400

2nd floor - 1+ Bedroom: $1,525

Loft - Bachelor: $1,100

Basement - 1 Bedroom: $1,200

Parking: $100

Laundry: $100

Expenses: $3,889.68

New Mortgage Payment: $2,235.68

Property Tax: $250

Insurance: $170

Gas: $150

Hydro/Water: $150

Property Management: $434

Cash Flow: $2,035.32/month,            $24,423.84/year

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