Canadian Real Estate
HELP !
So heres the deal.
Its a 2 bedroom Condo.
Asking $159,900
Looking to put down 20% ($31,980)
-Condo Fees are $374 per month ($4488 Yearly)
-Property Taxes $952 Yearly
-$127,920 mortgage @5% (Probably High) =$754 per month ( $9048 Yearly )
Total: Expenses for landlord
= $14,488
$24,000 - $14,488 = $9,512 Yearly Cashflow
$9,512 / $31,980 = 29.7% Gross ROI
$9,512 × 60% ( Subtracting 40% or vacancies, etc) = 17.8% Net ROI
My problems is that it's a condo so I'm held victim to condo fees and we are in a down market and so I have to be able to weather the storm which I will be able to handle even if it didn't have renters in it each month.