KCFDC Courses > Rosedale

Hole 16 - House For Sale

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zumagun:
That house is way overpriced right now considering the neighborhood median income is $30,994.

Using this formula, you can tell if a house is overpriced or not:


--- Code: ---90% of Monthly Repayment / (70% of Neighbor's Income / 12 Months)
--- End code ---

If the answer is over 20%, then the house is overpriced.  In this example the Percent of Average Monthly Income of Neighbors for this house is a whopping 36%


--- Code: ---657*0.9 / ((30994*0.7)/12) = .36
--- End code ---

Considering all this, This house should, more appropriately, be priced at or under $76,000 that would be a monthly payment of $356 (76000*.00469)


--- Code: ---356*0.9 /((30994*0.7)/12) = .20
--- End code ---





phisherman_77:
But it backs up to a golf course dude!  Doesn't that count for a 30-40k markup?

spinachio:

--- Quote from: zumagun on January 10, 2013, 09:07:45 AM ---That house is way overpriced right now considering the neighborhood median income is $30,994.

Using this formula, you can tell if a house is overpriced or not:


--- Code: ---90% of Monthly Repayment / (70% of Neighbor's Income / 12 Months)
--- End code ---

If the answer is over 20%, then the house is overpriced.  In this example the Percent of Average Monthly Income of Neighbors for this house is a whopping 36%


--- Code: ---657*0.9 / ((30994*0.7)/12) = .36
--- End code ---

Considering all this, This house should, more appropriately, be priced at or under $76,000 that would be a monthly payment of $356 (76000*.00469)


--- Code: ---356*0.9 /((30994*0.7)/12) = .20
--- End code ---

--- End quote ---

There are 3 types of people in this world, those who can count and those who can't.

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