Rock Island, IL


$ 125,000 - Turnkey End Buyer

4.0 bd | 3.0 ba | 3,560 sqft | 1920 | $ 1,650 Rent

IRR
30.14 %
Cap Rate
9.76 %
Cash on Cash
20.05 %
Net Monthly Cashflow
$559

Description

Maintained and updated up/down duplex. This property could easily be a single family with 4-bed/2 full baths by opening a door between units. Siding 2021, Roof 2015. The lower unit is a 2 bd/1 ba with 1/2 bath in basement (there's plumbing for 2 showers). Laundry hook ups are available to lower unit but could be accessible to both units with a few changes. Small 17x11 garage is accessible to lower-level unit. 2 bd unit updates: all paint, floors refinished, ceilings textured and painted, new light fixtures, new cabinet doors/handles, new backsplash, sink, faucet, new bath vanity & fixtures, shower surround, fan & wallpaper. Newer replacement windows & doors. The upstairs unit has 1 nice sized bdrm, w/ lg walk-in closet, lg living area, full bath, another lg walk-in closet and kitchen that has room for a small table. This unit hasn't been updated since '17 when the current tenant moved in.


Turnkey End Buyer Analysis

  • IRR: 30.14 %
  • Net Cashflow: $ 6,703
  • Rehab Est: $ 0
  • Cap Rate: 9.75 %
  • Monthly Rent: $ 1,650
  • ARV: $ 153,853
  • Cash on Cash: 20.05 %
  • Taxes: $ 2,785

Financial Analysis

  • Loan Amnt: $ 93,675
  • All-in Cost: $ 127,086
  • Debt Coverage Ratio: 9.75 %
  • Total Out of Pocket: $ 33,411
  • Monthly Mortgage: $ 475

Expense Assumptions

  • Prop Insurance: $ 1,000,000
  • Vacancy: $ 1,980
  • Prop Mgmt Fee: $ 1,980
  • Maintenance: $ 990
  • 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: $ 1,250
  • Rental Holding Period: 4


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