A new condo at the Avalon in New Brunswick (a story of what not to buy)!!!
We were led to believe that a reduction in the property taxes would occur in the 4th year of ownership. In the meantime, the developer reimbursed us $2,000 a year as an inducement to buy.
We have not seen much in the way of appreciation in New Brunswick, our only saving grace is that our mortgage is due and rates are low. We may keep mortgage payments at the same level and just pay down the mortgage a little faster. Or sell and re-deploy our funds elsewhere. (11/6/15)
| bought | 3/01/11 | $ | 121,600 | ||||
| holding | 6/30/15 | $ | 125,000 | ||||
| mortgage payment | $ | 369 | /month | ||||
| mortgage, beginning | $ | 89,625 | |||||
| down payment | $ | 31,975 | 26% | ||||
| mortgage, ending | $ | 83,608 | |||||
| Avg rent monthly rent over 4.33 yrs | |||||||
| Rental income | $ 776 | ||||||
| Property management | (49) | ||||||
| Property taxes | (227) | ||||||
| Repairs and maintenance | (245) | ||||||
| Office & caretaker | (1) | ||||||
|
|
|||||||
| Operating income | 254 | 2.5% | NOI | ||||
| mortgage payment | (369) | ||||||
|
|
|||||||
| Cash flow | (115) | -4.3% | cash on cash return yearly | ||||
| Mortgage paid down | 116 | ||||||
| Net income | 1 | 0.0% | return on equity | ||||