Re: Manhattan real estate
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When I ran the numbers it was pretty close. Assuming 7.5% rate on the loan, 20% down, 1.8M place, 7k rent, 1.5k maint/month, 45% tax bracket (might be way too high but not sure), 5% earned from TBills, 2% yearly on taxes, etc.
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It's pretty tough to find maintenance that low in Manhattan in the price range I'm looking at. $2,500 to $3,250 is more common.
With the upper east side co-ops, it's generally about $1.50 - $1.75 per square foot (maintenance i'm talking about). We're looking at places that range from 1,600 to 2,200 square feet right now.
Condos are lower maintenance but still generally more than $1,500 for 2 and 3 bedroom places.
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