Fairways South
1br 1 bath condo
Purchased 4/1/1998 @ $58,800
Sold 9/1/2006 @ $100,200 net of commission and closing costs.
Down payment $17,600
Mortgage $41,100
Just the numbers:
| Avg rent monthly rent over 8 yrs |
|
|
||||||||
| Rental income | $ | 566 | ||||||
| Property management |
|
(74) |
||||||
| Property taxes | (52) | |||||||
| Repairs and maintenance’ | (203) | |||||||
| Office & caretaker | (39) | |||||||
|
|
||||||||
| Operating income | 198 | 4.0% | NOI | |||||
| mortgage payment | (291) | |||||||
|
|
||||||||
| Cash flow | (93) | -6.3% cash on cash return yearly | ||||||
| Mortgage paid down | 98 | |||||||
|
|
||||||||
| Net income | $ | 5 | 0.3% return on equity | |||||
Return on investment: 283% (capital gain $41,500 + $5/mo x 100 months ÷ dp $17,600)
Annualized 2.4%