1330 Hillman Street, Montgomery, AL


$ 125,000 - Buy & Hold

4.0 bd | 2.0 ba | 1,848 sqft | 1973 | $ 1,100 Rent

IRR
20.35 %
Yield-on-Cost
7.45 %
Cash on Cash
10.38 %
Net Monthly Cashflow
$244

Description

This 4/2 approximately 1,848 square ft. home was built in 1973.  Located practically right on top of Maxwell-Gunter Air Force Base, this property should be really easy to rent to highly stable military personnel.  With some comps as high as $145,000 this home is in a very stable B+ neighborhood, Gunter Air Force Annex is directly behind the property, so this property has a very high probability of attracting Air Force Personnel with a strong chance of renting to an Officer.  Totally renovated, this home has new exterior and interior paint, lighting, hot water heater, new luxury vinyl plank throughout, and totally gutted and redone bathrooms that are amazing.  This home should rent for $1,150 per month and is a great turn key income producing property.  Close before January 15th and seller will put new granite in kitchen!  The current tenant has the home leased well below market at $950 until March of 2020!  Seller is willing to make price concessions or cover some closing costs to account for the below market rent up to $1,000.


Buy & Hold Analysis

  • IRR: 20.35 %
  • Net Cashflow: $ 2,933
  • Rehab Est: $ 0
  • Cap Rate: 7.45 %
  • Monthly Rent: $ 1,100
  • ARV: $ 125,000
  • Cash on Cash: 10.38 %
  • Taxes: $ 413

Financial Analysis

  • Loan Amnt: $ 100,000
  • All-in Cost: $ 128,250
  • Debt Coverage Ratio: 7.45 %
  • Total Out of Pocket: $ 28,250
  • Monthly Mortgage: $ 552

Expense Assumptions

  • Prop Insurance: $ 938
  • Vacancy: $ 660
  • Prop Mgmt Fee: $ 1,056
  • Maintenance: $ 660
  • 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: $ 1,250
  • Rental Holding Period: 12


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