Think I have the figures worked out, just after some comments.
Asking price $69,000 (offer 60,000)
Steve’s Deposit $1,000
Closing costs at 5% $3,000repayments @ 7% $87.5 pw (interest only)
rent $120 pw
rates $800 (I’m allowing this as it is in Tassie,
not exactly sure yet of acutal figure)
repairs and other $300(there are no management fees)
Cash inflow $6240 pa
Cash outflow $5650
CF+ve return $590
CoCr 14.75%
(nearly at Steves optimum 15% for a residential?)Seems to add up, what do people think?
you may be up for land tax
Tasmania has a lower land value threshold for land tax …
morgage setup fee
morgage insurance
building inspection
pest inspection
legal fees
interest rates are on the rise would factor in possible 10% interest rate for safety .. and fix your interest rateforgot landlords insurance and possible repair costs
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