723 Joryne Drive, Montgomery, AL


$ 109,000 - Buy & Hold

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

IRR
18.27 %
Yield-on-Cost
6.98 %
Cash on Cash
8.21 %
Net Monthly Cashflow
$169

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

  • IRR: 18.27 %
  • Net Cashflow: $ 2,023
  • Rehab Est: $ 0
  • Cap Rate: 6.98 %
  • Monthly Rent: $ 905
  • ARV: $ 109,000
  • Cash on Cash: 8.21 %
  • Taxes: $ 360

Financial Analysis

  • Loan Amnt: $ 87,200
  • All-in Cost: $ 111,834
  • Debt Coverage Ratio: 6.98 %
  • Total Out of Pocket: $ 24,634
  • Monthly Mortgage: $ 482

Expense Assumptions

  • Prop Insurance: $ 818
  • Vacancy: $ 543
  • Prop Mgmt Fee: $ 869
  • Maintenance: $ 543
  • 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: $ 1,090
  • Rental Holding Period: 12


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