4124 Fitzpatrick Boulevard, Montgomery, AL


$ 87,000 - Fix & Flip

3.0 bd | 2.0 ba | 1,190 sqft | 2004 | $ 900 Rent

ARV
$87,000
Net Profit
$-12,565
Net ROI
-13.00 %

Description

This 3/2 brick and vinyl home is in located close to shopping and nice restaurants and is across the street from one of the newest elementary schools in Montgomery.  It's really rare to find cash flow homes below $90,000 that were built after 1985, but 2004, that's really hard to find.  Add to the fact that our firm has bought and renovated at least seven homes on this street and you've got a pretty good recipe (those homes are very well, recently renovated and provide excellent comps).  This home has great curb appeal with a rocking chair front patio that features columns.  The living room has an open feel to it and flows into the eat in kitchen.  The appliances are new, as is much of the lighting, paint, hot water heater, paint, carpet and linoleum.  Of course with  how new this home is you don't have to worry about deferred maintenance nearly so much.  With rents of $850 and a tenant that is extremely neat and clean this turn key property should provide excellent cash flow for investors seeking a long term buy and hold strategy.  The property has excellent property management in place as well and so the prospects of hassle free ownership are strong.


Fix & Flip Analysis

  • IRR: 27.29 %
  • Net Cashflow: $ 3,375
  • Rehab Est: $ 0
  • Cap Rate: 8.95 %
  • Monthly Rent: $ 900
  • ARV: $ 87,000
  • Cash on Cash: 17.16 %
  • Taxes: $ 287

Financial Analysis

  • Loan Amnt: $ 69,600
  • All-in Cost: $ 89,262
  • Debt Coverage Ratio: 8.95 %
  • Total Out of Pocket: $ 19,662
  • Monthly Mortgage: $ 384

Expense Assumptions

  • Prop Insurance: $ 653
  • Vacancy: $ 540
  • Prop Mgmt Fee: $ 864
  • Maintenance: $ 540
  • 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: $ 870
  • Rental Holding Period: 12


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