Michigan City, IN


$ 110,000 - Buy & Hold

4.0 bd | 2.0 ba | 1,844 sqft | 1878 | $ 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

  • IRR: 0.00 %
  • Net Cashflow: $ 3,600
  • Rehab Est: $ 0
  • Cap Rate: 7.70 %
  • Monthly Rent: $ 1,100
  • ARV: $ 61,032
  • Cash on Cash: 12.23 %
  • Taxes: $ 1,243

Financial Analysis

  • Loan Amnt: $ 82,500
  • All-in Cost: $ 111,925
  • Debt Coverage Ratio: 7.70 %
  • Total Out of Pocket: $ 29,425
  • Monthly Mortgage: $ 418

Expense Assumptions

  • Prop Insurance: $ 880,000
  • Vacancy: $ 660
  • Prop Mgmt Fee: $ 1,320
  • Maintenance: $ 660
  • 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: $ 1,100
  • Rental Holding Period: 4


Contact An Agent About This Property