931 Merrill Court, South Bend, IN

$ 220,000 - Fix & Flip

6.0 bd | 5.0 ba | 3,200 sqft | 1995 yr | $ 2,590 Rent

Net Profit
All-in Cost to ARV
77.72 %
21.02 %


This property is right next to St. Patricks Park and only a few minutes away from St. Mary's, Holly Cross and Notre Dame Universities. Each side has a ton of space with 1,600 square feet, three bedrooms, two and a half bathrooms and a one car garage. Entering the home there is a formal living room, hallway, half bath and then a huge kitchen with tons of cabinets and a great room! Upstairs are three bedrooms and two bathrooms! A patio grilling area and large yard are popular with tenants!  It's rare to find a property this new built in 1989, it's so much newer than most housing stock in the area and being such large units with a garage these units fill quickly and have high demand.

This property has a target rent range of around $1,000-1,100 for each unit per month and should be an excellent cash flow, rent-ready, income producing property.  This is not guaranteed and is only a projection based upon past experience, rents change according to season and you should get your own rental comps and verify with the property manager of your choice.

ROI Turnkey Properties LLC brings this property to you through a relationship in our network that professionally renovates properties, this is not a property we own, rather through Realty Plus, LLC real estate brokerage our agent Patty Baba will write up the contract for you and be compensated 3% by the seller, providing us a referral fee for services rendered.  We will discuss types of agency available prior to writing an offer on this property.  Any related referral fees will be negotiated with the seller as part of the transaction and built into the price.

Fix & Flip Analysis

  • ARV: $220,000
  • Net Profit: $35,945
  • All-in Cost to ARV: 77.72 %

Financial Analysis

  • Loan Amnt: $ 106,500.00
  • All-in Cost: $ 170,988.78
  • Debt Coverage Ratio: 3.57 %
  • Total Out of Pocket: $ 64,488.78
  • Monthly Mortgage: $ 539.62

Expense Assumptions

  • Prop Insurance: $ 800.00
  • Annual Vacancy: $ 1,554
  • Prop Mgmt Fee: $ 2,952.60
  • Maintenance Cost: 1476.30
  • Capex: $ 0

Financing Assumptions

  • Cash Purchase: No
  • Loan Term: 360 months
  • Down Payment: 25.00 %
  • Points: 1.00
  • Interest Rate: 4.50 %
  • Interest only loan: No

Other Assumptions

  • Closing Cost: $ 1,420
  • Rental Holding Period: 4.00

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