Breakdown of townhouse purchase costs

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Here are the final numbers on the rental property that I purchased.

Price: $106,000
Interest rate: 5.125%
Term: 30 years
Down payment: $21,200
Principal & Interest: $457.37
Taxes & Insurance: $128.87
Total monthly payment: $586.24
Estimated rent: $770

The townhouse is 1100 sq.ft., 2 beds & 2 baths, washer, dryer, carport, and small back yard. It has a great central location and should rent easily. I have another property nearby that is very easy to rent.

It needs some cleanup and repair work in the kitchen, fire alarms, blinds in the windows, new toilet sets, etc. There is nothing big that we have to do to it. With my wife and kids pitching in, we should have it ready to go by the end of the weekend.

Here are a few more photos of the kitchen, the living room, and the back yard.



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7 Responses to “Breakdown of townhouse purchase costs”

  1. ConnieBrz says:

    Congrats on your latest aquisition~ Very nice!

  2. Boomer says:

    Terry – This looks like a nice property with minimal work to make it marketable. I’m curious, with a townhouse such as this, are there common area/association fees assessed?

  3. Terry Sprouse says:

    Boomer,

    One reason I liked this townhouse was because there is no common area or association fee.

    The area of town is good too because property values are lower, but rents are almost the same as I get in other areas of town where I have to pay more to purchase a house.

  4. John G says:

    Hi, do they do special assessments or something. How do they manage common areas?

  5. Terry Sprouse says:

    John G,

    There actually is no common area.

    In this case, it’s just a row of townhouses and each owner is responsible for the upkeep of their yard, and all house-related expenses.

    It’s a unique situation.

  6. Terry Sprouse says:

    John G,

    There actually is no common area.

    In this case, it’s just a row of townhouses and each owner is responsible for the upkeep of their yard, and all house-related expenses.

    It’s a unique situation.

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