Michigan City, IN


$ 110,000 - Buy & Hold

4.0 bd | 2.0 ba | 1,844 sqft | 1878 yr | $ 1,100 Rent

IRR
0.00 %
Yield-on-Cost
7.70 %
Cash on Cash
12.23 %
Net Monthly Cashflow
$300

Description

Spacious 4 bedroom, 2 bathroom home with nice sized yard, and large 2 car garage. This home is located only 2 miles from one of Indiana's nicest beaches on Lake Michigan, less than a mile to the Premium Outlet Mall, and only blocks from restaurants. The South Shore Rail is close and will be expanded for easy commuting to Chicago. This is a lot of house for the money.


Buy & Hold Analysis

  • ARV: $61,032
  • Yield-on-Cost: 7.70 %
  • Net Monthly Cashflow: $300
  • Monthly Rent: $1,100

Financial Analysis

  • Loan Amnt: $ 82,500.00
  • All-in Cost: $ 111,925.00
  • Debt Coverage Ratio: 1.72 %
  • Total Out of Pocket: $ 29,425.00
  • Monthly Mortgage: $ 418.02

Expense Assumptions

  • Prop Insurance: $800
  • Prop Mgmt Fee: $1,254
  • Vacancy: $660
  • Capex: $0

Financing Assumptions

  • Down Payment: $27,500
  • Interest Rate: 4.50 %
  • Loan Term Months: 360.00
  • Points: $825

Other Assumptions

  • Closing Cost: $ 1,100
  • Rental Holding Period: 4.00


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