1015 Diamond Ave, South Bend, IN


$ 66,500 - Fix & Flip

3.0 bd | 1.0 ba | 1,104 sqft | 1923 | $ 850 Rent

ARV
$69,371
Net Profit
$30,981
Net ROI
98.00 %

Description

Fantastic 3/1 on unfinished basement close to Notre Dame in a gentrifying area off Portage. Newer roof, updated windows, new exterior and interior paint, lighting, flooring, updated kitchen and bathroom. So much to like, rents should be in the $850 range.


Fix & Flip Analysis

  • IRR: 62.42 %
  • Net Cashflow: $ 3,342
  • Rehab Est: $ 10,000
  • Cap Rate: 10.07 %
  • Monthly Rent: $ 850
  • ARV: $ 69,371
  • Cash on Cash: 22.24 %
  • Taxes: $ 1,064

Financial Analysis

  • Loan Amnt: $ 14,506
  • All-in Cost: $ 28,604
  • Debt Coverage Ratio: 10.07 %
  • Total Out of Pocket: $ 14,098
  • Monthly Mortgage: $ 80

Expense Assumptions

  • Prop Insurance: $ 499
  • Vacancy: $ 510
  • Prop Mgmt Fee: $ 816
  • Maintenance: $ 510
  • Capex: $ 0

Financing Assumptions

  • Cash Purchase: No
  • Loan Term: 360 months
  • Down Payment: 20.00 %
  • Points: 2.00
  • Interest Rate: 5.25 %
  • Interest only loan: No

Other Assumptions

  • Closing Cost: $ 665
  • Rental Holding Period: 12


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