Realty Advocates Blog » Residential Income http://realtyadvocates.com/wordpress Blogging Bay Area Real Estate and More Mon, 22 Feb 2010 06:11:56 +0000 http://wordpress.org/?v=2.9.1 en hourly 1 $1,050,000 is Less Than $625,000 http://realtyadvocates.com/wordpress/2008/02/09/1050000-is-less-than-625000/ http://realtyadvocates.com/wordpress/2008/02/09/1050000-is-less-than-625000/#comments Sat, 09 Feb 2008 22:05:27 +0000 admin http://realtyadvocates.com/wordpress/2008/02/09/1050000-is-less-than-625000/ Assuming you have $250,000 for a downpayment (not including closing costs), it is less expensive to buy this $1,050,000 fourplex to owner-occupy than it is to buy a comparable single family home. How?

2334 Curtis St

The upstairs “owner’s unit” has 2+Br/2Ba, with approx. 1,248 sq ft of living space.

Purchase Price: $1,050,000

Downpayment: $ 250,000

Loan Amount: $ 800,000

Interest Rate: 5.875% (30 year fixed, 0 points)

Monthly Payment (P+I) $ 4,732

Property Taxes (T) $ 1,532

Insurance (I) $ 150

TOTAL PITI $ 6,414/mo

Less existing rents $ (3,646/mo)

Effective Monthly Cost $ 2,768/mo

Compared to

2 -3 Bedroom/2 Ba single family home in the same neighborhood, in roughly the same move-in condition, would cost you approx. $625,000 today.

Purchase Price: $625,000

Downpayment: $250,000

Loan Amount: $375,000

Interest Rate: 5.75% (30 yr fixed, 0 points)

Monthly Payment (P+I) $ 2,188

Property Taxes (T) $ 912

Insurance (I) $ 100

TOTAL PITI $ 3,200/mo

Effective Monthly Cost $ 3,200/mo

Loan terms were provided by Ted Maniatis at MPR Financial. (510) 527-6146.

These rates were available on Friday Feb 8, 2008 but are subject to change.

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