Honolulu 3 bedroom Condominium Investment

June 10th, 2008 categories: Buying Honolulu Real Estate, Honolulu Condominiums

This 3 bedroom 1.5 bathroom condominium is offered at $350,000 and it is in a Honolulu condominium called Terrace Towers. At 918 square feet it comes with one open parking stall. The kitchen and bathroom cabinets were changed in 2006 and the unit would make an excellent home for a first time buyer or rental income property for an investor. I checked with a local property manager and he felt that the unit would rent in a range between $1900 and $2300 per month. The following is a brief analysis of a possible investment scenario based on a rental rate of $2200 per month.

Monthly Expenses
Maintenance fee $379
Property Taxes $95
General Excise Tax $104
Total $578

Monthly Rent $2200
Less Expenses $578
Net Income Before Mortgage Payments $1,622

An investor mortgage payment of $1,622 at 6.5%, amortized over 30 years will carry a mortgage of $256,000.

Based on a new loan of $256,000, a buyer of this property would need a down payment of $94,000.

CLICK HERE TO SEE A MARKET ANALYSIS FOR TERRACE TOWERS.

Terrace Towers is a healthy walk from the University of Hawaii, two blocks from Iolani School and 5 to 10 minute drive from Ala Moana Shopping Center or Waikiki. There are four different freeway entrances a 1 to 2 mile drive from your parking stall. Do you have a student ready to attend one of the very close universities? Why pay for a dorm when you could own an investment? Call me at 808-737-2093 or toll free at 877-737-2093 to see if this might meet your investment needs.

Note-please don’t rely on this information to make your investment decision. Make sure that you confirm the validity of the numbers contained in this analysis.

This entry was posted on Tuesday, June 10th, 2008 at 6:30 am and is filed under Buying Honolulu Real Estate, Honolulu Condominiums. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.