Help please...
Please tell me if I'm forgetting something. Do I need to subtract closing costs from my max offer?
FMR (fair market rent) $1000-$1200 (I will use 1k)
50% rent- $500
Subtract 100$ for monthly cash flow = $400 max monthly payment
60K 7% 30years= $399.18/month
Estimate of INITIAL rehab:
4500 furnace
1500 chimney lined
500 flooring (kitchen and bath)
3000 bathroom repair
1000 kitchen repair (cabinets repair and counter)
500 interior paint
300 interior wall
60,000-
11,300 Total
=MAO 48,700