Market value: when fixed will be $55,000
Original price: $11,000 Cost to fix property: $2,500 Total Price $13,500
Original Mortgage amount: N/A
Interest Rate: N/A
Mortgage Term: N/A
Term Remaining: N/A
Amount remaining on mortgage: N/A
Gross Rents: when fixed will be $450/mo, based on comparable rents in the market
P&I: N/A
T&I: $75/mo
HOA costs: N/A
Deferred Maintenance notes:
Cost of water and sewage is around $90/mo; Property is in a MVACTY area
Other consideration:
Looking to see what would be better, rent and hold, or Cash out to buy a better property? If I use the funds to buy next property the situation may look like this or similar to this:
Market value: $150,000
Original price: $120,000
Original Mortgage amount: $80,000
Interest Rate: 5%
Mortgage Term: 20
Term Remaining: 20
Amount remaining on mortgage: $80,000
Gross Rents: $2,000/mo
P&I: $527.96/mo
T&I: $316.67/mo
HOA costs: N/A
Deferred Maintenance notes:
Cost of water and sewage is around $200/mo