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Updated over 5 years ago on . Most recent reply

Condo Numbers For Houston
Hi,
I did the following numbers for potential deal in Houston. Can anyone take a look and let me know what I missed or did wrong? I got the spreadsheet from the rich dad website.
PROPERTY INFO | |||||||
Address | |||||||
Type | Condo | ||||||
Bedrooms/Baths | 2/2 | ||||||
Square Feet | 922.9 | ||||||
Year Built | 1977 | ||||||
Parcel # | |||||||
INCOME | Month | Year | Per sq. ft. | Total Insurance Estimate | $ 262.50 | ||
Current rent | $ 800.00 | $ 9,600.00 | $ 10.40 | $ 21.88 | |||
Less: vacancy allowance - 10% | $ 40.00 | $ 480.00 | |||||
Net Rental Income | $ 760.00 | $ 9,120.00 | Property Taxes | 2.5264% | $ 505.28 | ||
Plus: Other Income | $ - | $ - | |||||
Total Income | $ 760.00 | $ 9,120.00 | $ 9.88 | ||||
EXPENSES | |||||||
Property Management | $ - | $ - | |||||
Repairs & Maintenance | $ 100.00 | $ 1,200.00 | |||||
HOA | $ 250.00 | $ 3,000.00 | |||||
Advertising & Legal | |||||||
Insurance | $ 167.00 | $ 2,004.00 | $ 2.17 | ||||
Total Expenses | $ 517.00 | $ 6,204.00 | $ 6.72 | ||||
Net Operating Income (NOI) | $ 243.00 | $ 2,916.00 | |||||
Less Debt Service (PI) | $155.06 | $ 1,860.72 | $ 2.02 | ||||
Less Property Taxes | $ 42.11 | $ - | |||||
Net Cashflow | $ 45.83 | $ 1,055.28 | |||||
Operating Expense Ratio | 68.0% | (Total Expenses/Total Income) | |||||
MORTGAGE INFO | |||||||
Total Loan Amount | $ 20,000 | ||||||
Type of Loan | Seller Financed | ||||||
Term (Months) | 240 | ||||||
Interest Rate | .07 | ||||||
Down Payment | $ 2,000 | 10.00% | |||||
Monthly Payment (PITI) | $155.06 | ||||||
Purchase Price | $ 75,000 | ||||||
Closing costs | $ 3,000 | ||||||
Rehab | $ 7,000 | ||||||
Total initial investment | $ 85,000 | ||||||
LTV | 27% | Loan Amount/Purchase Price | |||||
Cap Rate | 4% | Annual NOI/Price | |||||
Cash-on-Cash Return | 146% | Annual before-tax cash flow (i.e., NOI)/Down payment |