Address: 373 Grider Street, Buffalo Property Type: Single Family ‘Section 8’ Sale Price: $29,700 Gross Yield: 24%
This single family home has long term section 8 tenants and is in good condition. It is located across from one of the main city hospitals.
Legals – $800 Vendor Financing – 5 year loan of 30% @ 10% interest – $8910 loan, with monthly repayments of $223 ($149 amortisation and $74 interest) Total Cost to Buyer – $21,590 Gross Monthly Rent $600 Monthly Costs $248 Net Monthly Rent $406 – $66 management = $340
IRR in first year assuming no capital growth – Net Income / Cost = 17% IRR after 5 years assuming no capital growth – Net Income/Cost = 83%
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