723 Joryne Drive, Montgomery, AL


$ 109,000 - Buy & Hold

4.0 bd | 2.0 ba | 1,652 sqft | 1963 yr | $ 905 Rent

IRR
12.05 %
Yield-on-Cost
6.86 %
Cash on Cash
9.06 %
Net Monthly Cashflow
$220

Description

This 4/2 brick home is in Forrest Hills, one of Montgomery's most desirable cash flow neighborhoods, that is located walking distance to a nice park, and a very short drive to a Publix shopping center (a good demographic indicator of upper income). My favorite Mexican Restaurant (always packed) is right around the corner in a brand new shopping center. The home is totally renovated with a new architectural shingle roof, new hvac, new luxury vinyl plank, interior and exterior paint, granite in the kitchen, new appliances, and two totally renovated bathrooms. The home also has a formal living room, den with dining area and a sunroom. The private back yard is fenced and there is a basement area for storage. This home should rent for $900 and there are other rentals in Zillow that are similar size and 4/2 that are asking $950.


Buy & Hold Analysis

  • ARV: $109,000
  • Yield-on-Cost: 6.86 %
  • Net Monthly Cashflow: $220
  • Monthly Rent: $905

Financial Analysis

  • Loan Amnt: $ 81,750.00
  • All-in Cost: $ 110,907.50
  • Debt Coverage Ratio: 1.53 %
  • Total Out of Pocket: $ 29,157.50
  • Monthly Mortgage: $ 414.22

Expense Assumptions

  • Prop Insurance: $800
  • Prop Mgmt Fee: $1,032
  • Vacancy: $543
  • Capex: $0

Financing Assumptions

  • Down Payment: $27,250
  • Interest Rate: 4.50 %
  • Loan Term Months: 360.00
  • Points: $818

Other Assumptions

  • Closing Cost: $ 1,090
  • Rental Holding Period: 4.00


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