2 bedroom Makiki Investment!
June 20th, 2008 categories: Condos For Sale, For Buyers
This 2 bedroom 1 bathroom condominium with one covered parking and is offered at $300,000. It has an interior square footage of 630 square feet and a very usable 35 square foot lanai, which is perfect for your morning coffee and evening beverage. The 2nd bedroom has sliding doors that open into the living room, making the living room feel much larger than it is. Based on a review of rental rates at craigslist.com, I estimate that the unit will rent at around $1,500 per month (please check this yourself and do not rely on my estimate to determine your cash flow). The following is a brief analysis using that rent.
Monthly Expenses
Maintenance fee $402 (includes water, sewer, electricity, basic cable & building maint.)
Property Taxes $82
General Excise Tax $71
Total $555
Monthly Rent $1,500
Less Expenses $555
Net Income Before Mortgage Payments $945
An investor mortgage payment of $945 at 6.5%, amortized over 30 years will carry a mortgage of $149,500.
Given this loan amount, one could use $150,500 as a down payment and have its cash flow very close to break even.
Village Maluhia is located at the corner of Davenport and Pensacola. This location has terrific bus service and is very close to downtown, Ala Moana, University of Hawaii and many private schools. One of the best locations in the building, this unit is a corner end unit. It feels very private and has excellent views. 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.
; ?>/images/MatoChiclet.gif)
estimate mortgage payments
It sounds interesting but I am not sure that I agree with you completely.