MICHIGAN CITY, IN


$ 68,000 - Buy & Hold

4.0 bd | 2.0 ba | 1,830 sqft | 1875 | $ 1,725 Rent

IRR
84.77 %
Yield-on-Cost
21.22 %
Cash on Cash
58.35 %
Net Monthly Cashflow
$909

Description

Best Investor deal on the Market!! This property features 2 units, and each unit is a 2 bedroom 1 bath with a large detached 2 -car garage on a corner lot. Downstairs unit has been remodeled and is ready for a tenant. Upstairs unit needs to be updated. Property is being sold as is and no repairs will be made. All units are on separate meters so tenants pay their own gas and electric.


Buy & Hold Analysis

  • IRR: 84.77 %
  • Net Cashflow: $ 10,910
  • Rehab Est: $ 0
  • Cap Rate: 21.22 %
  • Monthly Rent: $ 1,725
  • ARV: $ 115,000
  • Cash on Cash: 58.35 %
  • Taxes: $ 820

Financial Analysis

  • Loan Amnt: $ 52,425
  • All-in Cost: $ 71,123
  • Debt Coverage Ratio: 21.22 %
  • Total Out of Pocket: $ 18,698
  • Monthly Mortgage: $ 349

Expense Assumptions

  • Prop Insurance: $ 544,000
  • Vacancy: $ 2,070
  • Prop Mgmt Fee: $ 2,070
  • Maintenance: $ 1,035
  • Capex: $ 0

Financing Assumptions

  • Cash Purchase: No
  • Loan Term: 360 months
  • Down Payment: 25.00 %
  • Points: 1.00
  • Interest Rate: 7.00 %
  • Interest only loan: No

Other Assumptions

  • Closing Cost: $ 680
  • Rental Holding Period: 4


Contact An Agent About This Property