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571 S Mountain Ave, Ashland, OR 97520
2009 Sep 1, 2:18pm 1,332 views 3 comments
by jt1111 follow (0)
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From numbers provided...this makes no $$ sense. Curious, where does one find best (non-realtor/sales industry) information re: Ashland?
Patrick
2009 Nov 19, 5:11am
In general, there is no place you can go for honest and complete sales information.
The county has the official records, but that can be manipulated. And all the counties have different formats.
The online sites like Zillow have weird numbers, but hey, it's free.
There are places with probably accurate info, but they charge a lot of money. Like American Core Logic.
And totally forget the MLS. It's only a sales tool to get you to overpay, nothing more.
tatupu70
2009 Nov 19, 5:39am
The tax savings come from the interest on your loan and property taxes. Both of these are tax deductable--but the savings is only over and above what you would have gotten with the standard deduction.
Based on your numbers, however, I'm only coming up with a payment of $1187/mo. (215K loan for 30 yrs at 5.25%). And of the $1187, interest is $935/mo. So, you'd have $11,220 + $3000 of extra deductions, but, again, the savings is only the amount over and above the standard deduction...
According to the MSN calculator, it should decrease your taxes by $4000. I've never done a test of this calculator, though, so I make no claims about its accuracy.
So I am wondering if here in Ashland we are actually getting close to fair market value. Â 571 S. Mountain is a 3 bdrm, 2 bath, about 2000 sq. ft. Â I would call it a 1950's ranch. Â Not super flashy, but clean and has some nice features and views. Â They are asking $300k. Â My best estimate is that it would rent for $1100 to $1200. Â Your formula put a $1200/mo rent at 5.25% at a $275k, which I think in this market the sellers would take. Â My question is this, in Ashland the property tax on this property is $3k/yr., which is above and beyond the $1325/mo. payment (with $60k down). Â It seems to me that from a straight cash flow perspective, after property tax my payment would be $1575/mo. Â This is quite a bit more than the $1200 in rent. Â I don't really understand the income tax benefit. Â I hear people say, oh you save so much in taxes. Â How and how much would I save on income taxes (approx) based on the $1575/mo payment. Â Any help will be appreciated.