补充M兄的八年理论：It could be zero years in high growth area.

Property: Three bedroom, three bathroom townhouse
Bought: December 2004
Price: $110,000
Monthly rent: $950/month ==> $902.5/month with 5% vacancy.

Financing:

Downpayment: 25% down using LOC at 6.25% ==> $143/month interest only.
Mortgage: 75% at 5.45% ==> $415/month including principal payment $47.
Property Management: $55/month
Strata/HOA fee: $106/month
Repair: $50/month
Property tax: $90/month
Insurance: $10/month (liability only, structure insurance is in strata fee)

Total cash out per month: $869/month.


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Current market value: $196,000
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Note: The other owner bought one year earlier at $80,000. Good for him.