INVESTMENT OPPORTUNITY IN PORT ELIZABETH CENTRAL

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 R4250 and the levies and rates are approximately R1800 per month, so there is a R2450 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 qualify for ± R100 000 FLISP grant, then:
Purchase price                          R285 000                              R185 000 (-R100 000 FLISP)
Bond repayment  @ 11.5%) -  R3039 per month                 R1972 per month (R185 000 bond)
Levies / Rates and taxes       - R1800 per month                R1800 per month
Total expense:                        - R4839 per month               R3772 per month
Rental:                                     - R4250 per month               R4250 per month
Profit / loss:                            - (R589) per month                R478 per month