South Beach 2 Bedroom Condo Deals w Investment Analysis at 20% Down
by Ashton Coleman on April 30th, 2008., under Buyers of South Florida, Miami Beach Condos
Buyers of South Florida, Miami Beach Condos | Tags: Bal Harbour, Miami Beach Real Estate Blog, South Beach Condo Deals, South Beach real estate, Sunny Isles real estate, waterfront condo deals
I’m often asked by the would be investor what income potential might be with 20% down. It seems as though the long term, buy & hold outlook is correct yet many investors seem to think or at least hope the property might be a cash cow or even break even to cover their out of pocket expenses. The fact is that just isn’t so when financing is required… The rental values and future resale values should be superior with South Beach real estate or any oceanfront community like Bal Harbour and Sunny Isles real estate. Here are the best 2 bedroom South Beach Condo Deals and expense vs. income figures to review…
Let’s use the purchase price at $800,000 for example at market average is 10% of list price. 20% down is $160,000 with a Loan Amt. at $640,000. Rental Values are estimated at $3,000 to $4,500 per month
We see an out of pocket cost at roughly $6,182… You’d be Negative at approximately $2,000 monthly
Estimates Calculated
Taxes $16,140 or $1,345 monthly
Maintenance Fees $900 to $1100 (Ave $1000)
P & I w20% down $3,837 monthly (at 6% Interest 30 year fixed)
Total Monthly Expense = $6,182
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