3212 Herbert Drive, Montgomery, AL
$ 82,591 - Buy & Hold
3.0 bd | 2.0 ba | 1,180 sqft | 1985 | $ 895 Rent
IRR
32.64 %
Yield-on-Cost
9.90 %
Cash on Cash
21.48 %
Net Monthly Cashflow
$320
Description
This house is a great deal, where else are you going to find a home built in 1985 with granite countertops, new appliances, new lvp, new interior paint, lighting, two bathrooms with granite and the master bath with custom tile for $79,000? In addition to having a great family room with vaulted ceilings and an awesome kitchen with pass through, this home has a master bedroom with vaulted ceilings and a walk in closet. This home should rent in the $850 range which means it beats the 1% rule, which is almost unheard of!
Buy & Hold Analysis
- IRR: 32.64 %
- Net Cashflow: $ 3,618
- Rehab Est: $ 0
- Cap Rate: 9.44 %
- Monthly Rent: $ 895
- ARV: $ 82,591
- Cash on Cash: 19.38 %
- Taxes: $ 261
Financial Analysis
- Loan Amnt: $ 63,200
- All-in Cost: $ 81,054
- Debt Coverage Ratio: 9.44 %
- Total Out of Pocket: $ 17,854
- Monthly Mortgage: $ 349
Expense Assumptions
- Prop Insurance: $ 619
- Vacancy: $ 537
- Prop Mgmt Fee: $ 859
- Maintenance: $ 537
- 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: $ 826
- Rental Holding Period: 12