808 West La Salle Avenue, South Bend, IN
$ 159,000 - Buy & Hold
5.0 bd | 3.0 ba | 1,536 sqft | 1996 | $ 1,200 Rent
IRR
19.25 %
Yield-on-Cost
7.78 %
Cash on Cash
13.65 %
Net Monthly Cashflow
$405
Description
Fantastically renovated Arts and Crafts Style without being from 1915, built in 1996 this home gives you the charm and character of yesteryear with the conveniences and modern building codes of being a newer home. A fantastic living room with Cathederal ceilings joins a wonderful kitchen that will boast new countertops, hardware and stainless appliances. The main floor has three bedrooms and two baths, and the basement has another two bedrooms, a bath and a home theater/family room. This home is on a fantastic street with Victorians that have been restored and recent comps into the $177,000 range. We think this home can rent in the $1,200 range.
Buy & Hold Analysis
- IRR: 19.25 %
- Net Cashflow: $ 3,870
- Rehab Est: $ 78,000
- Cap Rate: 6.61 %
- Monthly Rent: $ 1,200
- ARV: $ 159,000
- Cash on Cash: 9.10 %
- Taxes: $ 1,200
Financial Analysis
- Loan Amnt: $ 102,000
- All-in Cost: $ 137,600
- Debt Coverage Ratio: 6.61 %
- Total Out of Pocket: $ 35,600
- Monthly Mortgage: $ 487
Expense Assumptions
- Prop Insurance: $ 0
- Vacancy: $ 720
- Prop Mgmt Fee: $ 1,152
- Maintenance: $ 720
- Capex: $ 0
Financing Assumptions
- Cash Purchase: No
- Loan Term: 360 months
- Down Payment: 25.00 %
- Points: 1.00
- Interest Rate: 4.00 %
- Interest only loan: No
Other Assumptions
- Closing Cost: $ 1,590
- Rental Holding Period: 0