615 La Salle, Buffalo

Written by Alan Findlay on . Posted in Investor Properties

Address: 615 La Salle, University, Buffalo
Type: Double unit house
Sale Price: SOLD
Gross Yield: 27%

This double unit house is a stable mainly owner occupier area. The building is in good condition and has been fully renovated downstairs. Upstairs hasn’t been renovated but is already tenanted with a long term tenant.

Legals – $800
Vendor Financing – 5 year loan of 30% @ 10% interest – $10,725 loan, with monthly repayments of $268 ($179 amortisation and $89 interest)
Total Cost to Buyer – $25,825
Gross Monthly Rent $800
Monthly Costs $215
Net Monthly Rent $585 -$88 management = $497

IRR in first year assuming no capital growth – Net Income / Cost = 20%
IRR after 5 years assuming no capital growth – Net Income/Cost = 102%

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