1944 Nordan Lane, Montgomery, AL


$ 125,000 - Buy & Hold

3.0 bd | 2.0 ba | 1,874 sqft | 1970 | $ 1,200 Rent

IRR
60.50 %
Yield-on-Cost
14.00 %
Cash on Cash
40.12 %
Net Monthly Cashflow
$574

Description

A tremendous 3/2 all brick home built in 1970 this home has a flowing floor plan perfect for entertaining, that has 1,824 square feet according to tax records. With open courtyards, a spacious fenced yard, large storage building and mature landscaping, and a covered enclosed patio this yard is great to spend time in. With comparable sales going into the upper $120,000's this home is an excellent value with many owner occupied homes. Entering the tiled foyer, you'll find a large eat in kitchen with plenty of freshly painted white cabinets. There is a huge formal living room that has a raised formal dining room. The bedrooms and baths have plenty of space. The huge family room has built in book shelves and a stone fireplace as well as beams across the ceiling to add character. This home has an oversized two car garage and rents for $1,000 per month.

This home just finished a total renovation with new luxury vinyl plank, has all new interior painting and lighting, and the bathrooms have been gutted and have new vanities, tiled shower surrounds and more!  The exterior soffit and fascia were repaired and painted a trendy color and this house is amazing!  


Buy & Hold Analysis

  • IRR: 60.50 %
  • Net Cashflow: $ 3,925
  • Rehab Est: $ 0
  • Cap Rate: 8.23 %
  • Monthly Rent: $ 1,200
  • ARV: $ 163,251
  • Cash on Cash: 13.89 %
  • Taxes: $ 413

Financial Analysis

  • Loan Amnt: $ 60,800
  • All-in Cost: $ 77,976
  • Debt Coverage Ratio: 8.23 %
  • Total Out of Pocket: $ 17,176
  • Monthly Mortgage: $ 336

Expense Assumptions

  • Prop Insurance: $ 938
  • Vacancy: $ 720
  • Prop Mgmt Fee: $ 1,152
  • Maintenance: $ 720
  • 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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