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