1353 Devonshire Drive, Montgomery, AL


$ 90,511 - Buy & Hold

4.0 bd | 2.0 ba | 1,572 sqft | 1962 | $ 883 Rent

IRR
27.12 %
Yield-on-Cost
8.77 %
Cash on Cash
16.38 %
Net Monthly Cashflow
$268

Description

This 4/2 brick home is in Sunshine Acres/Seth Martin is one of our best target neighborhoods, if you follow us regularly, you know that we have done 20-30 homes in this neighborhood with many streets having 3-6 of our totally renovated homes boosting values around the neighborhood and improving the community due to the excellent screening and the desirability of the high quality renovations to pull higher quality tenants.  Four sided brick, hardwood floors and luxury vinyl plank flooring in the bathrooms and kitchen give this home many low maintenance features that will protect your investment for years to come, and provide value at potential resale.  A totally renovated kitchen with granite, new cabinets, tile back splash and a stainless under mount sink make this property extremely appealing to potential tenants.  New lighting, fresh paint and several other renovations really make this home a nice property!  This home rented in January so if you close quickly you get the benefit of almost a year remaining on the lease.  The detatched garage is a great bonus as most homes in this neighborhood and price point do not have a garage.


Buy & Hold Analysis

  • IRR: 27.12 %
  • Net Cashflow: $ 2,998
  • Rehab Est: $ 0
  • Cap Rate: 8.40 %
  • Monthly Rent: $ 883
  • ARV: $ 90,511
  • Cash on Cash: 14.66 %
  • Taxes: $ 287

Financial Analysis

  • Loan Amnt: $ 69,520
  • All-in Cost: $ 89,159
  • Debt Coverage Ratio: 8.40 %
  • Total Out of Pocket: $ 19,639
  • Monthly Mortgage: $ 384

Expense Assumptions

  • Prop Insurance: $ 679
  • Vacancy: $ 530
  • Prop Mgmt Fee: $ 848
  • Maintenance: $ 530
  • 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: $ 905
  • Rental Holding Period: 12


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