617 Portage Ave, South Bend, IN
$ 125,000 - Fix & Flip
5.0 bd | 2.0 ba | 1,624 sqft | 1886 | $ 1,450 Rent
ARV
$125,000
Net Profit
$42,991
Net ROI
58.00 %
Description
Fantastic Duplex bringing in $1,450 per month income, located close to South Bend Hospital and surrounded by renovated Victorian mansions. The new Firehouse Museum that is just being finished is two doors down. The upstairs unit is totally renovated with a new kitchen, new bathroom and more!
Fix & Flip Analysis
- IRR: 50.10 %
- Net Cashflow: $ 6,128
- Rehab Est: $ 17,000
- Cap Rate: 9.94 %
- Monthly Rent: $ 1,450
- ARV: $ 125,000
- Cash on Cash: 21.69 %
- Taxes: $ 689
Financial Analysis
- Loan Amnt: $ 43,200
- All-in Cost: $ 72,404
- Debt Coverage Ratio: 9.94 %
- Total Out of Pocket: $ 29,204
- Monthly Mortgage: $ 239
Expense Assumptions
- Prop Insurance: $ 938
- Vacancy: $ 870
- Prop Mgmt Fee: $ 1,392
- Maintenance: $ 870
- 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: $ 1,250
- Rental Holding Period: 4