Hi all
I am in the market for my first IP and have found what I think is a good deal. As i an very new to the game I thought I would put the numbers out there to see what you all think.
The property is a house converted into 2 flats, handy to university. The combined rent is $460 a week. The asking price is $260,000 obviously I would be aiming to buy it cheaper than that!!
So here are the numbers:
Purchase price: $250,000 (hopefully less!)
Rent P/A: $23,000 (2 weeks vacancy)
Rates, Maintenance, Insurance: $3000
Interest (7.5%): $18750
So if my numbers are right it should be CF+ by around $25 a week.
I guess what i am asking is all you PI's out there would consider this investment or whether i am better waiting for something better to come along?
I am in the market for my first IP and have found what I think is a good deal. As i an very new to the game I thought I would put the numbers out there to see what you all think.
The property is a house converted into 2 flats, handy to university. The combined rent is $460 a week. The asking price is $260,000 obviously I would be aiming to buy it cheaper than that!!
So here are the numbers:
Purchase price: $250,000 (hopefully less!)
Rent P/A: $23,000 (2 weeks vacancy)
Rates, Maintenance, Insurance: $3000
Interest (7.5%): $18750
So if my numbers are right it should be CF+ by around $25 a week.
I guess what i am asking is all you PI's out there would consider this investment or whether i am better waiting for something better to come along?
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