MICHIGAN CITY, IN


$ 132,000 - Buy & Hold

4.0 bd | 2.0 ba | 1,830 sqft | 1875 yr | $ 925 Rent

IRR
105.54 %
Yield-on-Cost
23.93 %
Cash on Cash
69.98 %
Net Monthly Cashflow
$998

Description

Best Investor deal on the Market!! This property features 2 units, and each unit is a 2 bedroom 1 bath with a large detached 2 -car garage on a corner lot in a stable neighborhood with great pride of ownership. Downstairs unit has been remodeled and is ready for a tenant. Upstairs unit is in the process of renovation. Property is being sold as is and no repairs will be made. All units are on separate meters so tenants pay their own gas and electric. This property may bring in $1,650-$1,725 month in rent.


Buy & Hold Analysis

  • ARV: $132,000
  • Yield-on-Cost: 23.93 %
  • Net Monthly Cashflow: $998
  • Monthly Rent: $925

Financial Analysis

  • Loan Amnt: $ 48,000.00
  • All-in Cost: $ 65,120.00
  • Debt Coverage Ratio: 4.33 %
  • Total Out of Pocket: $ 17,120.00
  • Monthly Mortgage: $ 300.00

Expense Assumptions

  • Prop Insurance: $800
  • Prop Mgmt Fee: $2,024
  • Vacancy: $555
  • Capex: $0

Financing Assumptions

  • Down Payment: $16,000
  • Interest Rate: 7.50 %
  • Loan Term Months: 360.00
  • Points: $480

Other Assumptions

  • Closing Cost: $ 640
  • Rental Holding Period: 4.00


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