BUDGET 2008 – Rental Affordablilty Scheme

OK, so I get $8000 per unit per annum for new units rented out at 20% below market value to low-income families.

Let  me do the sums …………

I build a cr@ppy block of 10 x 1br units where the market rate is $125pw and I charge $100pw. (cost $900,000)
I spend NOTHING on the externals, carpets, fixtures etc etc etc.
For the next 10 years I get $80k per year for providing the cheapest and nastiest housing I can (so no real loss in rent)

$80k pays the interest on the loan and so I have +CF of $1000pw for the block

Where do I sign up!!!!!!
(not really, I have ethics, but there's plenty who don't)