5924 Freestone Place, Montgomery, AL


$ 116,381 - Buy & Hold

3.0 bd | 2.0 ba | 1,226 sqft | 1999 | $ 975 Rent

IRR
24.39 %
Yield-on-Cost
7.92 %
Cash on Cash
12.52 %
Net Monthly Cashflow
$247

Description

Built in 1999 this home has a great open floor plan that you don't typically get from most income producing properties, the great room with a cozy fireplace and tray ceilings.  The eat in kitchen has tons of white cabinets, new appliances and a pass through to the great room, the laundry closet is also off the kitchen.  As an owner, you will love that the four sided brick home is low maintenance with tiled flooring in the bathrooms and bathroom showers.  Tenants will love the covered patio in the huge privacy fenced back yard.  This home should rent for $950, it's a solid B home in a good neighborhood on the outskirts of town but close to all of Montgomery's best and newest shopping district. We feel this property is a great one to add to a portfolio, it's a really nice home that will attract quality tenants but still almost meets the 1% rule which is not always easy for a true B asset.


Buy & Hold Analysis

  • IRR: 24.39 %
  • Net Cashflow: $ 2,281
  • Rehab Est: $ 0
  • Cap Rate: 7.08 %
  • Monthly Rent: $ 975
  • ARV: $ 116,381
  • Cash on Cash: 8.67 %
  • Taxes: $ 347

Financial Analysis

  • Loan Amnt: $ 84,000
  • All-in Cost: $ 107,730
  • Debt Coverage Ratio: 7.08 %
  • Total Out of Pocket: $ 23,730
  • Monthly Mortgage: $ 464

Expense Assumptions

  • Prop Insurance: $ 873
  • Vacancy: $ 585
  • Prop Mgmt Fee: $ 936
  • Maintenance: $ 585
  • 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: $ 1,164
  • Rental Holding Period: 12


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