Davenport, IA


$ 200,000 - Short Term Rental

5.0 bd | 3.5 ba | 3,000 sqft | 1915 yr | $ 250 Avg Rate

Cash on Cash
41.02 %
IRR
54.64 %
Net Monthly Cashflow
$2,858

Description

ROITK Acquired this property for $118,000 and is doing a major renovation and will be looking for a partner to do AirBnB with. We feel that $300 per night is likely and the property is being converted to a 5/3.5. Welcome to this gracious Dutch Colonial located in the Fulton subdivision adjacent to the Bridge Avenue Historic District and an active Bridge Avenue Historic Association District. Situated along a tree lined street this property offers seasonal views of the Mississippi River. A double door vestibule front entryway leads to an open foyer adorned with the original woodwork and hardwood floors and continue throughout the house. Exterior stucco repaired '21, painted '22. Sellers have begun restoration and are ready for the next buyer to complete the project. Half bath on main & the Kitchen gutted down to studs, cabinets, sink, hardware and new refrigerator remain. Other numerous fixtures purchased (will stay) & scope of work completed in attachments. selling "as-is. Quotes for either HVAC system or boiler & pipe replacement available for buyers reference. Sellers have not used wood burning fireplace - unknown status. Per City of Davenport, property eligible for URTE.


Buy & Hold Analysis

  • Cash on Cash: 41.02 %
  • Net Monthly Cashflow: $2,858
  • Daily Rent: $250

Financial Analysis

  • Loan Amnt: $ 236,250.00
  • All-in Cost: $ 319,862.50
  • Debt Coverage Ratio: 3.39 %
  • Total Out of Pocket: $ 83,612.50
  • Monthly Mortgage: $ 1,197.04

Expense Assumptions

  • Prop Insurance: $800
  • Co Hosting Fee: $4,745
  • Maintenance: $2,966
  • Occupany: 65.00 %

Financing Assumptions

  • Down Payment: $78,750
  • Interest Rate: 4.50 %
  • Loan Term Months: 360.00
  • Points: $2,363

Other Assumptions

  • Closing Cost: $2,500


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