The maths on a $1.2M Mt Eden bungalow.

A reader asked: what does the maths actually look like on a $1.2M Mt Eden bungalow today?

Here is the worked example, line by line, with every input source-cited so you can audit the verdict.

Address shape: a three-bedroom 1920s bungalow on a 510m² section. Asking price: $1,200,000. Property type for rent comparison: standalone house, three bedrooms.

Rent: pulled from MBIE Q4 2025 bond medians for the Auckland TLA, three-bedroom house. The result page lists the asOf date and the bond count behind the median.

Mortgage interest: $1.2M × the RBNZ B6 weighted-average residential mortgage rate (the indicative figure RBNZ publishes monthly across all new commitments), 100% finance, interest-only. We test at 100% LVR by default so the verdict is comparable across addresses. The rate input is shown on the result page with its asOf.

Council rates: from the Auckland Council schedule for the property's residential zone, applied to the rateable value. Insurance: from the multi-factor model that combines the property's region, replacement cost, type and any hazard flags into an indicative annual premium. Property management: 8% of effective rent (NZ industry standard, toggle-off for self-managed). Maintenance: see band below.

Maintenance is the one input where NZ investor practice runs a real band: 0.5% to 1% of price per year. We default to 1% as the conservative end but the result page shows both. The verdict is cashflow negative across the band at this price. The assumption matters for the magnitude, not the sign.

The result page also surfaces "What would make this positive?" — four single-lever readings (price, rent, rate, deposit) showing the magnitude each would need to move to clear the +$25/wk threshold. We show the levers rather than rendering verdicts on the market. What would have to change to make the maths work is a calculation; whether any of those changes are likely is a judgement.

This is the maths. The decision is yours.