Dyna,
So she had at least five units occupied. Even if those were all the one
bedroom units at current market that's at least $30,000 gross income a
year- more than adaqui te to service the debt and cover the overhead on
this building.
That building hasn't seen over a thousand dollars spent on repairs since
1998
Do you know that for a fact...? I find it hard to believe that Keith would
have
made the story up about the expenses. Let's look at some real
figures...Sale price March 2004 $400,000.00
Taxes $5,224.00 Market value $284,000.
She needs to be paying a good $4,000 a month on mortgage with interest, pmi,
hazard insurance. Insurance will be @ $300 a month,
water and utilities @300, taxes @480 so all in all she is paying out
@4500-5000 a month on this building. She needs 6 plus units occupied
to cover expenses. If full, she might have a thousand to pay for other
items such as cleaning, advertising, paint, pocket money, etc.
Which figure do you think the city will give her...what she paid for it or
market value? Will market value pay for her mortgage?
Perhaps I don't understand figures as well as you do but I don't see money
in the coffers. What we need to know is what the
city paid for the property before we can make judgement. But I believe the
true issue was the city moved her tennants out before
owning the building.
Dorie Gallagher/Nokomis
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