I have a listing in Strathmore that has 2 single-family detached homes each with attached garages on one lot. The owner is moving to the states and wants to unload his Canadian properties. He just rented them both out this month on year leases! The main house is rented for $2,100.00 a month. The 2nd 'guest-house' is rented for $1,400.00 a month for a total rent of $3,500.00 a month. The total purchase price is $499,900. If your putting down 20% your mortgage amount would be $400,000 at today interest rate on a 5 yr fixed (3.04%) your payments would be approximately $1,650 a month.Taxes are $4,658 a year ($388 a month). Insurance should be about $1,500 a year ($125 a month) utilities are approx. $300 a month ($3,600 a year) Rental income: $3,500 mnth ($42,000 yr) Utilities: $300 ($3,600 yr) Mortgage: $1,650 ($19,800 yr) Taxes/Insurance: $513 ($6,156 yr) Total cash flow: $1,037 a month or $12,444 a year
Let me know if any of you are interested or have questions.