Michigan City, IN


$ 350,000 - Buy & Hold

6.0 bd | 4.0 ba | 3,160 sqft | 1913 yr | $ 1,874 Rent

IRR
105.62 %
Yield-on-Cost
24.31 %
Cash on Cash
70.13 %
Net Monthly Cashflow
$4,319

Description

Currently the software only analyzes up to 4 units and this property is 5 units plus 2500 sq ft of flex space that we would attempt to turn into 7 units. Located in the Historical Elston Grove area this is walking distance to breweries/restaurants, the Arts District, the Beach, and the South Shore Train Station. Lower front unit (right side) has a large living room, large eat in kitchen, one spacious bedroom one bath.-Lower rear unit (right side) is a two bedroom one bath, eat in kitchen and living room.-Lower front unit (left side) is a spacious one bedroom one bath, large foyer, roomy living room and bedroom with high ceiling.-Upper right unit is a two bedroom one bath with a great floor plan. This unit needs a total renovation.-Upper left unit is a 1 bedroom 1 1/2 bath w/walk up finished attic. Could easily be a 2 bedroom.New HVAC in Flex Space 2020, roof is 6 yrs old, electrical updated 10 yrs ago.Explore this investment opportunity before its gone! Being sold As-Is. IF the three 2 bedroom units could be rented for $825, $825 and $850 (one has an extra 1/2 bath), and two 2 bedroom units bring $750 and the basement could be converted to 3/1 units and rent for $850 each this property would bring in $5,700 per month.


Buy & Hold Analysis

  • ARV: $350,000
  • Yield-on-Cost: 24.31 %
  • Net Monthly Cashflow: $4,319
  • Monthly Rent: $1,874

Financial Analysis

  • Loan Amnt: $ 210,000.00
  • All-in Cost: $ 283,900.00
  • Debt Coverage Ratio: 4.01 %
  • Total Out of Pocket: $ 73,900.00
  • Monthly Mortgage: $ 1,432.57

Expense Assumptions

  • Prop Insurance: $800
  • Prop Mgmt Fee: $8,546
  • Vacancy: $1,124
  • Capex: $0

Financing Assumptions

  • Down Payment: $70,000
  • Interest Rate: 7.25 %
  • Loan Term Months: 360.00
  • Points: $2,100

Other Assumptions

  • Closing Cost: $ 1,800
  • Rental Holding Period: 4.00


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