323 Indiana Avenue, Mishawaka, IN


$ 160,000 - Buy & Hold

4.0 bd | 2.0 ba | 1,484 sqft | 1939 | $ 1,200 Rent

IRR
18.99 %
Yield-on-Cost
6.96 %
Cash on Cash
9.48 %
Net Monthly Cashflow
$270

Description

Fantastic 4 Bedroom 2 bath property, coming soon located walking distance to the newly renovated Mishawaka High School. Fabulous living room, eat in dining room and incredible kitchen. This home is getting a new deck off of the dining area that will allow tons of light.


Buy & Hold Analysis

  • IRR: 18.99 %
  • Net Cashflow: $ 1,868
  • Rehab Est: $ 65,000
  • Cap Rate: 5.63 %
  • Monthly Rent: $ 1,200
  • ARV: $ 160,000
  • Cash on Cash: 4.36 %
  • Taxes: $ 1,664

Financial Analysis

  • Loan Amnt: $ 97,500
  • All-in Cost: $ 131,625
  • Debt Coverage Ratio: 5.63 %
  • Total Out of Pocket: $ 34,125
  • Monthly Mortgage: $ 494

Expense Assumptions

  • Prop Insurance: $ 1,280,000
  • Vacancy: $ 720
  • Prop Mgmt Fee: $ 1,440
  • Maintenance: $ 720
  • 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: $ 1,600
  • Rental Holding Period: 4


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