213 Union St, Mishawaka, IN


$ 90,000 - Buy & Hold

3.0 bd | 2.0 ba | 1,338 sqft | 1900 | $ 900 Rent

IRR
26.81 %
Yield-on-Cost
12.74 %
Cash on Cash
19.08 %
Net Monthly Cashflow
$482

Description

Investment Opportunity! This 3 bedroom 1 bathroom home is close to all that Downtown Mishawaka has to offer at a great price! Currently rented with a long term tenant at $900 per month. The home has brand new kitchen cabinets, countertops and a new roof, as well as fresh exterior paint. Property is being sold As-Is


Buy & Hold Analysis

  • IRR: 26.81 %
  • Net Cashflow: $ 3,433
  • Rehab Est: $ 20,000
  • Cap Rate: 8.23 %
  • Monthly Rent: $ 900
  • ARV: $ 90,000
  • Cash on Cash: 14.26 %
  • Taxes: $ 384

Financial Analysis

  • Loan Amnt: $ 28,875
  • All-in Cost: $ 59,174
  • Debt Coverage Ratio: 8.23 %
  • Total Out of Pocket: $ 30,299
  • Monthly Mortgage: $ 146

Expense Assumptions

  • Prop Insurance: $ 720,000
  • Vacancy: $ 540
  • Prop Mgmt Fee: $ 1,080
  • Maintenance: $ 540
  • 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: $ 900
  • Rental Holding Period: 4


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