Do these numbers add up?

Hi everyone,

Still in the first phases of studying IP (which been taking many months so far) I've been reading and crunching figures and even made my own 'software' of analysis, (which of course isn't professional and I will probably end up buying one eventually) but as for now I'm still excited working the numbers myself. Problem is sometimes the more I read, the more confused I get..
So, if anyone can just confirm or correct the following simple example exercise I'd be really appreciative:

(Simplified of course)

Taxable Income: $100,000
IP Value: $250,000 (Borrowing the whole amount)
TOTAL IP EXPENSES (intererst & ongoing costs): $25,000
RENT from IP: $15,000
Depreciation: $10,000
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Now I think I'm not sure about the part with the depreciation, please tell me if this is correct:

New Income: $115,000
Deductible Expenses: $25,000
-----------
New taxable income: $90,000
Net Income after Tax: $66,500

Refund from depreciation (37% m-tax): $3,700

Net Income with the IP after everything is now: $70,200

Comparing that with the net income if there was NO IP;
(ie with Taxable income of $100,000 which leaves $72,550 after tax):

$72,550 - $70,200 = $2,350 will give (-) Cash flow pa

I didn't take many costs in account of course but just the main idea of calculating the end result' that i'm not sure about.. Many thanks for your help- Bernie
 
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