This one bedroom flat also features a balcony room, which can be used as a study or another bedroom, Newly renovated bathroom, kitchen and lounge. The block features very good security and is on the main road. It is also ideal for students, since various campuses are nearby. St Georges hospital is also close by. The current rental is R4200 and the levies and rates are approximately R1800 per month, so there is a R2400 per month surplus, depending if finance is required or not. There are parking bays available from the complex, but at an additional cost. The current tenant has been in the unit for 2 years and is a regular payer and would love to continue staying in this flat.
If you are a first time buyer you could qualify for Between R38 911 and R169 265. If you qualify for ± R100 000 FLISP grant, then:
Purchase price R265 000 R165 000 (-R100 000 FLISP)
Bond repayment @ 11.5%) - R2710 per month R1688 per month (R165 000 bond)
Levies / Rates and taxes - R1800 per month R1800 per month
Total expense: - R4510 per month - R3488 per month
Rental: - R4200 per month + R4200 per month
Profit / loss: - (R310) per month + R712 per month
