With the new mortgage insurance announcement, is this a good time to invest?
Very new, so excuse me if I'm not understanding everything.
I can afford a 5% down for a 600k condo downtown. By my calculations, should be cash flow positive in 5ish years after taking into account maintenance fees and increasing rent slightly every year.
- 611 sqft
- 1+1
- 30 year period
- $3100 monthly mortgage
- total monthly: $3900 with maintenance+taxes included
Assuming I can rent it out for 2.75k to start and increase it steadily over 5 years to meet 3.9k.
Thoughts?