Whoa this guy is really under water....

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buylowsellhigh_IHB

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<p>Bought 12/10/2004 for $615.5k Current asking is $545k.</p>

<p><a href="http://redfin.com/stingray/do/printable-listing?listing-id=949542">http://redfin.com/stingray/do/printable-listing?listing-id=949542</a></p>

<p>Man, what a deal to be had, if someone offered them $500k :)</p>
 
<p>Woodbury. </p>

<p>I won't make an offer cuz of feng shui and i dont like condos,but i think someone will take it at that 545k price. its more than 10% lower than the comps.</p>

<p>Simple Calculation:</p>

<p>At $545k / 0 down / io loan, we're looking at about $2500/mo after income tax deduction</p>

<p>$545000 x 8% (interest/association/mello roos) - 30% (income tax deduction) = $30,xxx, or $2500/mo</p>

<p>This is about how much this floor plan goes for in woodbury. My friend has the same floor plan 2 doors down, rents for $2400/mo.</p>
 
You can't do 100% financing anymore. You'd have to put $128,000 down to get to 417k loan amt.





417k @ 6.5% IO = $2,258.75


taxes = 568 a month at least


HOA = 331 a month per red fin





Total monthly outlay = $3,158


tax break on interest amounts to 678 a month assuming 30% tax rate





<strong>$2,480 AFTER TAX NET PMT (also no more 128k saved!)





</strong>Rent for 2,400 a month and keep 128k in 5.25% 6 mos CD


interest earned = $560 per month gross. After 30% tax =$392 a month





<strong>$2,008 NET OF INTEREST INCOME (also still have 128k chillin in the bank w/no mortgage debt)








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