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Thought the last purchase a good deal? think again!
Purchased before end of 2008. Price: 120K ($65/sqft) Size: 1838 sqft 4 bd, 2.5 bath, 2 car garage, 2 story built 2005 Sale history 10/19/2006: $410,000 08/13/2008: $145,769 (foreclosed first mortgage balance?) 2006 highest value est.: 430K Location: Stockton (Park)
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Rough cash flow analysis:
Rent: $1450/month (moved in within one week after purchase close) Initial remodeling: $3500 - paint, window treatment, and back yard concrete. closing cost $900. Can not get a loan, so use HELOC: 125K under 4.75%): Interest only 652/month
Mortgage payment: 652/month Tax: 254/month Insurance: 34/month
Total net cost: 652 + 254 + 34 = 940
$1450 - $940 = $510/month positive. (not counting vacancy & maintenance, only for entertainment/educational purpose). Who cares the bottom?
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