So I analyzed a property using the Rental Calculator, assuming the property requires no major renovations, so I'm using 0$ for Renos in this analysis. Here's the numbers Breakdown.
261 EAST MAIN ST Welland, Ontario L3C3X1, Welland, Ontario L3C3X1
MLS® Number: X4639056
Initial Cash needed:
Purchase price: $569,000
Closing costs : $7143
Down Payment (5%) : $28,450 (First time home-buyer)
Amortized Over: 25years
Interest rate: 4.5%
Monthly P&I: $3004
Total cash Needed: $35,593
The advertisement states three units are currently rented at $4700 p.m
Assuming the current situation, the numbers breakdown to $3933 monthly expenses, leaving behind $766 in Cashflow.
Will this be a sensible investment? If anyone else can do the analysis and share the results on the same property, it'll be helpful.
Here's the link to the listing: link
