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If you are in PEI it must be a very unique market there. I remember when we were there in the summer noticing how LOW the values of properties were.
Anyways our formula is to only buy cash flow positive properties (after paying everything including interest & principal on the mortgage), even if the cash flow is small, i.e. $300/month. The purchase price is almost always 9-10% of Net income, and the ROI is usually around 25% per year (this includes the $ paid towards the mortage principal remember that is all income) Hope this helps a little.
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