I intend to buy a SFH downtown for 202,500$
It's a 4-bedroom 1-1/2-bathroom on 2 floor built circa 1950
We intend to clean, repaint, remodel the kitchen and update plumbing for +/-5,000$
We think that in this area, 3 bedroom is plenty enough and because the actual main bathroom is tinny outdated, it's a no-brainer to expand it over room #4. This would be 10,000$
I put asside 2,500$ for miscelaneous and safety margin
Buying fees (appraisal, inspection, notary, transfer taxes etc) for a total of 5,000$
Grand total spent 225,000$
Cashdown 20% 45,000$
Expected rent 1,300$/month
Expected monthly expenses including taxes, inssurances, maintenance and mortgage 1,235$
Net cashflow is about 65$/month but capital repayment is 460$/month @ 2.20% variable rate with amortization of 25 years
Do you think it's to much assle for few bucks or it could be a good long term investment?
My exit would be to flip and run away with 10,000$ over 6 month...
I hope you can help!