New Construction Condo #1
April 13th, 2003 by KenricI took part of my car proceeds and put 10% down on a 1 bedroom 1 bath 750 square foot condo near Northwestern University. The cost of the condo was $212,000 and I put down $21,200. I’ll call this New Construction Condo #1. At the time of purchase, which was June 2003, I figured the following:
Rent $1250-$1400/mo
Taxes $200/mo
Insurance $25/mo
I would put 20% down and my mortgage payment would be around $848 (6% interest only)
$1250 – $848 – $200 – $25 = $177 cashflow
Cash on cash return = $2,124 /($21,200 + $3,000 closing costs) = 8.8%
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