1015 Diamond Ave, South Bend, IN
$ 66,500 - Fix & Flip
3.0 bd | 1.0 ba | 1,104 sqft | 1923 | $ 850 Rent
ARV
$69,371
Net Profit
$30,981
Net ROI
98.00 %
Description
Fantastic 3/1 on unfinished basement close to Notre Dame in a gentrifying area off Portage. Newer roof, updated windows, new exterior and interior paint, lighting, flooring, updated kitchen and bathroom. So much to like, rents should be in the $850 range.
Fix & Flip Analysis
- IRR: 62.42 %
- Net Cashflow: $ 3,342
- Rehab Est: $ 10,000
- Cap Rate: 10.07 %
- Monthly Rent: $ 850
- ARV: $ 69,371
- Cash on Cash: 22.24 %
- Taxes: $ 1,064
Financial Analysis
- Loan Amnt: $ 14,506
- All-in Cost: $ 28,604
- Debt Coverage Ratio: 10.07 %
- Total Out of Pocket: $ 14,098
- Monthly Mortgage: $ 80
Expense Assumptions
- Prop Insurance: $ 499
- Vacancy: $ 510
- Prop Mgmt Fee: $ 816
- Maintenance: $ 510
- Capex: $ 0
Financing Assumptions
- Cash Purchase: No
- Loan Term: 360 months
- Down Payment: 20.00 %
- Points: 2.00
- Interest Rate: 5.25 %
- Interest only loan: No
Other Assumptions
- Closing Cost: $ 665
- Rental Holding Period: 12