3017 Summit Ridge Drive, Adamsville, AL


$ 135,000 - Fix & Flip

3.0 bd | 2.0 ba | 1,538 sqft | 1974 | $ 1,200 Rent

ARV
$135,000
Net Profit
$19,081
Net ROI
18.00 %

Description

This property received a massive overhaul, new roof, new exterior paint, new deck, new hardware and painted kitchen cabinets, granite countertops, new appliances, luxury vinyl plank flooring, gutted and totally renovated bathrooms, new paint, lighting, furnace and condensing unit likely and so much more.  This 3/2 Brick and Vinyl sided home is located in a quiet community just Northwest of Birmingham, AL, and it's very close to the middle school and high school. Add a closet in a downstairs family room and it could be a 4 bedroom.


Fix & Flip Analysis

  • IRR: 39.59 %
  • Net Cashflow: $ 3,406
  • Rehab Est: $ 0
  • Cap Rate: 7.63 %
  • Monthly Rent: $ 1,200
  • ARV: $ 135,000
  • Cash on Cash: 11.16 %
  • Taxes: $ 327

Financial Analysis

  • Loan Amnt: $ 79,200
  • All-in Cost: $ 101,574
  • Debt Coverage Ratio: 7.63 %
  • Total Out of Pocket: $ 22,374
  • Monthly Mortgage: $ 437

Expense Assumptions

  • Prop Insurance: $ 1,013
  • Vacancy: $ 720
  • Prop Mgmt Fee: $ 1,152
  • Maintenance: $ 720
  • 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: $ 1,350
  • Rental Holding Period: 12


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