310 Mills Way, Pelham, AL
$ 221,981 - Fix & Flip
3.0 bd | 2.0 ba | 1,331 sqft | 2001 yr | $ 1,307 Rent
ARV
$221,981
Net Profit
$37,059
All-in Cost to ARV
75.50 %
Net ROI
22.11 %
Description
We all know the number one rule of real estate is location, location, location. Pelham, AL is one of the better suburbs of Birmingham and features a well regarded brand new high school, all kinds of new roads, and new shopping centers to support the really strong residential growth on the South side of town. These are the factors to look for when you are considering an area that may experience appreciation. Built in 2001 and approximately 1,300 square feet according to tax records, this home should rent for $1,350 and provide solid cash flow, but provide much easier tenants and be an excellent home to own with great peace of mind.
Fix & Flip Analysis
- ARV: $221,981
- Net Profit: $37,059
- All-in Cost to ARV: 75.50 %
Financial Analysis
- Loan Amnt: $ 119,250.00
- All-in Cost: $ 167,605.78
- Debt Coverage Ratio: 1.56 %
- Total Out of Pocket: $ 48,355.78
- Monthly Mortgage: $ 604.22
Expense Assumptions
- Prop Insurance: $ 800.00
- Annual Vacancy: $ 784
- Prop Mgmt Fee: $ 1,490.03
- Maintenance Cost: 745.01
- 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: $ 1,590
- Rental Holding Period: 4.00