Rock Island, IL
$ 125,000 - Turnkey End Buyer
4.0 bd | 3.0 ba | 3,560 sqft | 1920 | $ 1,650 Rent
30.14 %
9.76 %
20.05 %
$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