You are renovating your house for a total price of $18,000.
The work will be done in a month and you will start to rent the
house to a new tenant with a monthly rental of $1,350. For
how long time (in months) can you can break even from the
renovation cost? (Complete the analysis in MS Excel Sheet
and copy your analysis and answer here. You can use the file
I created and uploaded during the class).
Assume:
• The annual maintenance cost is approximately $1,800.
• Owner's insurance with State Farm is $360 per year.
• The annual interest rate is 4.8%.