Seller offers a 10% discount on their $150,000 home. You pay 20% down and get a loan from the bank for the rest at a rate of 5% for 25 years. You want to rent out the property and break even. Land is 10% of purchase price. Depreciation in 27.5 years, but property will appreciate at 4% a year for the next 10 years. You are in 25% tax bracket. After 10 years, how much cash could you walk away with having refinanced at 80 5 LTV?