2205 Lincoln Way W, South Bend, IN


$ 86,990 - Buy & Hold

5.0 bd | 3.0 ba | 1,440 sqft | 1900 | $ 950 Rent

IRR
33.66 %
Yield-on-Cost
10.46 %
Cash on Cash
23.01 %
Net Monthly Cashflow
$351

Description

This Arts and Crafts style home is being totally renovated and will boast 5 bedrooms 3 bathrooms, a large living room, dining room and eat in kitchen. There is also a two stall garage, and a basement that has plenty of storage area. We can't wait to see the renovation on this home, which we think will rent for at least $925!


Buy & Hold Analysis

  • IRR: 33.66 %
  • Net Cashflow: $ 3,443
  • Rehab Est: $ 40,000
  • Cap Rate: 8.37 %
  • Monthly Rent: $ 950
  • ARV: $ 89,000
  • Cash on Cash: 14.79 %
  • Taxes: $ 996

Financial Analysis

  • Loan Amnt: $ 52,500
  • All-in Cost: $ 70,825
  • Debt Coverage Ratio: 8.37 %
  • Total Out of Pocket: $ 18,325
  • Monthly Mortgage: $ 266

Expense Assumptions

  • Prop Insurance: $ 695,920
  • Vacancy: $ 570
  • Prop Mgmt Fee: $ 1,140
  • Maintenance: $ 570
  • Capex: $ 0

Financing Assumptions

  • Cash Purchase: No
  • Loan Term: 360 months
  • Down Payment: 25.00 %
  • Points: 1.00
  • Interest Rate: 4.50 %
  • Interest only loan: No

Other Assumptions

  • Closing Cost: $ 870
  • Rental Holding Period: 4


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